US Semiconductors & Semi Equipment: SemiBytes: GOOGI Capex, NVDA and AVGO

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US Semiconductors & Semi Equipment: SemiBytes: GOOGI Capex, NVDA and AVGO

Global Research

27 July 2026ab

US Semiconductors & Semi Equipment Equities

AmericasSemiBytes: GOOGL Capex, NVDA and AVGO

Semiconductors

Timothy Arcuri

Read from GOOGL’s capex guide Analyst

GOOG was the first of the four large hyperscalers to report this past week, and we view timothy.arcuri@ubs.com

the commentary as broadly positive for semis given continued evidence that AI +1-415-352 5676

infrastructure spending is accelerating into 2026 with further growth next year. GOOG's Natalia Winkler, CFA

quarterly CapEx doubled YoY to $44.9B, with management raising its 2026 CapEx Analyst

outlook by $15B to $195-205B and indicating 2027 spending will "increase natalia.winkler@ubs.com

significantly" from there. UBS latest estimates now imply GOOG CapEx growth of +1-415-352 4626

roughly +125% in 2026E and +72% in 2027E compared to consensus ests of Alex Kivali

+105%/42% heading into the earnings call. We would also highlight management's Analyst

commentary that only a limited number of TPU customer agreements (i.e. TPU sales to alex.kivali@ubs.com

Anthropic) contributed to 2Q26 revenue recognition and we expect the shipments to +1-212-713 3945

accelerate into 2H26. The TPU system sales are expected to be realized against Google Gianmarco Vella

Cloud's $514B backlog. To that point, GCP's backlog grew +385% YoY and is expected Associate Analyst

to convert to revenue over 24 months. In addition, GOOG disclosed $707B of future gianmarco.vella@ubs.com

guaranteed commitments, the vast majority related to long-term supply agreements +1-415-352 4555

extending through 2030 - we think the bulk will likely be related to securing memory but Aaryan Wadhwa