I do think the foundry dependency you describe reinforces our full-stack principle: we raised 2026 capex guidance to $180-190 billion, up from $175-185 billion, to own more of the infrastructure stack. Part of the step-up is the Intersect energy acquisition. Q1 technical infrastructure spend reached $35.7 billion, up 107%. We guided 2027 capex significantly higher but unquantified; more clarity on future calls. Scaling pressure on depreciation and energy costs remains in the P&L.

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GOOGL / The capex raise, and what's inside it

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/p/p-day-20260802-googl-src-googl-capex-raise-conversation ↗

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2026-08-02T01:35:49.404Z