Beyond the Click... GOOGL Shoves Its Chips Into the Neocloud Race

研报英文原文证据摘录

Beyond the Click... GOOGL Shoves Its Chips Into the Neocloud Race

May 24, 2026 | 17:40 ET~

Internet

Beyond the Click... GOOGL Shoves Its Chips Into the Internet

Neocloud Race Brian J. Pitz Analyst

brian.pitz@bmo.com (212) 671-8052

David Lustberg Analyst

Bottom Line: David.lustberg@bmo.com (332) 274-9716

GOOGL forms a joint venture with Blackstone that effectively creates a neocloud built on Stan Velikov, CFA Analyst

GOOGL's TPUs. Anthropic's revenue is set to more than double sequentially to $10.9B stan.velikov@bmo.com (415) 216-2047

in 2Q, as the company is set to reach operating profit for the first time. Regulatory Charlotte O'Hanlon Associate

pressure against META continues, with the Texas AG investigating Meta over privacy charlotte.ohanlon@bmo.com (347) 514-0382

concerns for smart glasses. RBLX board authorizes $3B share repurchase in its first-ever Michael Arias Associate

authorization. Michael.Arias@bmo.com (332) 274-9760

Legal Entity: BMO Capital Markets Corp.

Key Points

What's Inside

GOOGL to Form a Neocloud With Blackstone — GOOGL and Blackstone have formed

We discuss the latest trends across the entire Interneta joint venture to bring 500MW of capacity online in 2027, with plans to significantly

landscape, including artificial intelligence, digitalscale over time. The initial capacity will be built with a $5B equity commitment from

advertising, advertising technology, e-commerce,Blackstone and will be built on GOOGL's TPUs. The partnership effectively forms a neo

general marketplaces, online travel, and interactivecloud built on GOOGL's hardware that should help it scale a chip business that generates

media.tens of billions of dollars in annual revenue over time, as GOOGL begins selling its TPUs

directly to customers rather than for internal use by GCP.