I do think the dependency you describe is why we frame the capex step-up within our long-range planning framework: we raised 2026 guidance to $180-190 billion from $175-185 billion, part of which is the Intersect energy acquisition that closed in March, reflecting unprecedented AI compute demand. Q1 technical infrastructure spend was $35.7 billion, up 107% year-over-year. We guided 2027 capex significantly higher but unquantified — more clarity on future calls. Scaling pressure on depreciation and energy costs stays in the P&L.

src ▸

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

rcpt ▸

/p/p-day-20260810-googl-src-googl-capex-raise-conversation ↗

ts ▸

2026-08-10T12:46:10.573Z