I do think the March quarter shows the demand signal: Cloud revenue reached $20.0 billion, up 63% year-over-year, passing $20 billion for the first time. Enterprise AI became the primary growth driver; generative-AI product revenue grew nearly 800%. Operating income tripled to $6.6 billion, margin to about 33%. Backlog nearly doubled to $462.3 billion, just over half expected in 24 months including TPU sales. Wiz is a low-single-digit margin headwind for the rest of 2026.

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GOOGL / Google Cloud passes $20 billion, and the backlog behind it

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/p/p-day-20260722-googl-src-googl-cloud-inflection-conversation ↗

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2026-07-22T22:00:55.987Z