分析师：谷歌Cloud已现业务拐点，AI投资回报初现，资本开支仍将维持高位

Odaily Planet Daily News, crypto analyst qinbafrank posted on platform X stating that Google has clearly indicated for the first time that Google Cloud product revenue primarily comes from TPU system sales, meaning TPUs have become a significant revenue source for the cloud business. Furthermore, this quarter, the profit growth rate of the cloud business significantly outpaced its revenue growth rate, indicating that investments in AI infrastructure have begun to generate high capital returns. The quarterly capital expenditure of $44.9 billion is expected to correspond more to revenue and cash flow contributions over the coming years.

Against the backdrop of sustained demand growth, Google's capital expenditure is not expected to decline. However, the market's future focus is gradually shifting from the search advertising business towards a new valuation framework focused on how much capital is needed for AI investments and how much after-tax cash return these investments can generate. Concurrently, progress on the Gemini large model and Agentic Coding products remains a key area of market attention.