[Guojin Electronics] Google GCP Revenue Growing Significantly, High CAPEX Visibility Confirmed

English summary

Google Cloud enters a steeper growth phase, with revenue up 82% yoy. Even excluding first-time recognition of TPU system sales, growth still accelerates significantly; backlog reached $514 billion, with more than half expected to be recognized in the next 24 months. Search's AI transformation is currently incremental, with Search revenue up 17%, as AI Mode and AI Overviews bring more, longer, and more specific queries, with steady monetization. Compute demand continues to outpace supply, and the company raised 2026 CapEx guidance again to $195-205 billion, explicitly stating that 2027 CapEx will also 'increase significantly'. Google Cloud revenue was $24.8 billion, up 82% yoy, operating profit of $8.8 billion, more than tripling yoy; operating margin rose from 20.7% a year ago to 35.6%.…