Servers Read-through from Google‘s Jun-26 earnings

研报英文原文证据摘录

Servers Read-through from Google‘s Jun-26 earnings

J P M O R G A N Asia Pacific Equity Research

23 July 2026

Servers

Read-through from Google’s Jun-26 earnings

Alphabet (OW, covered by J.P. Morgan US Internet Analyst Doug Anmuth) Technology - Hardware

ACreported Jun-Q earnings before the Asia market open today. The key implications Albert Hung

for the Asian tech supply chain are as follows: (886-2) 2725-9875

albert.hung@jpmchase.com

Google J.P.MorganMorganSecuritiesSecurities(Asia(Taiwan)Pacific) Limited/Limited/ J.P.J.P.

Morgan Broking (Hong Kong) Limited

• Google’s Jun-Q Capex was US$45bn (+26% QoQ, +100% YoY), in line with Anthony Leng

market expectations. Server spending comprised 60% of the Capex while the (886-2) 2725-9240

anthony.leng@jpmorgan.com

remaining 40% of spending was for datacenter build-out and networking J.P. Morgan Securities (Taiwan) Limited

equipment. We believe CSPs have been increasing the server spending mix in Gokul Hariharan

total Capex given their recent Capex raise driven by the component cost hikes. (852) 2800-8564

• Google has raised its full-year 2026 Capex to US$195-205bn (~120% YoY gokul.hariharan@jpmorgan.comJ.P. Morgan Securities (Asia Pacific) Limited/ J.P.

growth at the midpoint) from US$180-190bn, driven by strong customer Morgan Broking (Hong Kong) Limited

demand and an acceleration in capacity delivery. This is the second round of Jerry Tsai

Capex increase in a row and implies ~50% HoH Capex growth in 2H26. (886-2) 2725-9867

Looking into next year, Google expects a significant Capex uptick despite the jerry.tsai@jpmorgan.com

high base this year due to undersupplied computing power. J.P. Morgan Securities (Taiwan) Limited

• Google continues to see supply constraints and expects an increase in usage of