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 X platform stating that Google has explicitly 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. Additionally, this quarter, the profit growth rate of the cloud business significantly exceeds its revenue growth rate, indicating that investment in AI infrastructure has begun to yield high capital returns. The quarterly capital expenditure of $44.9 billion will largely correspond to revenue and cash flow contributions over the next few years.

Against the backdrop of continued demand growth, Google's capital expenditure is not expected to decline. However, future market focus will gradually shift from the search advertising business to a new valuation framework centered on how much capital AI investments require and how much after-tax cash return that capital can generate. Meanwhile, progress on the Gemini large model and Agentic Coding products remains a key area of market attention.