Google outshone its rivals in first-quarter earnings with faster cloud growth as the search giant and its Big Tech peers upped their AI infrastructure spending plans again to $725bn this year.
The big four “hyperscalers”, which include Amazon, Meta, Microsoft and Google parent Alphabet, are together expecting to spend 77 per cent more in capital expenditures than a record $410bn last year.
While investors have expressed scepticism about the huge sums in the past, they broadly welcomed the earnings reports as demand for AI and data centres drove large jumps in revenue and profits — led by a 63 per cent increase in Google Cloud revenue.
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