Alphabet Inc.'s $85B AI capex is backed by a $106B cloud backlog, showcasing tangible ROI. Click for my updated look at GOOGL stock post Q2 earnings.

The hyperscaler wars are still raging despite concern earlier this year that cloud network players, including Alphabet, Amazon, and Microsoft, may cut capital spending on AI infrastructure. Concerns that surging spending to refresh and build out cloud networks accelerated when China’s DeepSeek chatbot launched with a shockingly low $6 million development cost,