Alphabet lifts capex to $93 billion; shares jump 6% as revenue tops $100 billion

Strong AI demand helped power Alphabet‘s financial results, as both the core advertising and cloud computing businesses of the Google parent beat revenue expectations. Despite whispers of concerns over a developing AI bubble, the search giant boosted its projected capital expenditures for the year to between $91 billion and $93 billion.

“We are investing to meet customer demand and capitalize on the growing opportunities across the company,” CEO Sundar Pichai said in Alphabet’s earnings release. Alphabet, which spent $52.5 billion in 2024, had already shocked Wall Street twice this year with its aggressive spending ambitions, first declaring a $75 billion outlay in February, and then boosting the projection to $85 billion in July.