Alphabet has announced an additional $10 billion increase in its capital expenditure for this year, totaling $85 billion. This decision aligns with a 14% rise in overall company revenue to $96.4 billion. Notable sectors, including Google Services and Cloud, reported significant growth, with Google Cloud experiencing a 32% increase in revenue, reaching $13.6 billion for the quarter. CEO Sundar Pichai emphasized the success of new AI-driven features in Search and reported strong growth in Cloud revenues and profitability. Other tech companies are also increasing their infrastructure spending amid the AI boom.
Alphabet plans to increase its capital expenditures to $85 billion this year, reflecting a significant investment aimed at enhancing infrastructure necessary for supporting the growing demand for artificial intelligence technologies.
Google Cloud achieved 32% year-on-year revenue growth, reaching $13.6 billion for the quarter, driven by strong performance in the Google Cloud Platform, AI infrastructure, and generative AI solutions.
According to Sundar Pichai, CEO of Alphabet, 'Search delivered double-digit revenue growth,' with new features like AI Overviews and AI Mode contributing positively to the results.
Anat Ashkenazi, CFO at Alphabet, reported that the company allocated $22.4 billion in capital expenditures during the second quarter, emphasizing the commitment to infrastructure development.
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