大行评级丨杰富瑞：Alphabet资本支出增长显示其在AI及核心业务的强劲动能，评级“买入”

Core Viewpoint - Jefferies reported that Alphabet's cloud business grew 48% year-over-year in Q4, accelerating from 34% in Q3, surpassing the firm's forecast of 36% [1] - YouTube ad revenue increased by 9%, which was 4% lower than expected [1] - The company anticipates capital expenditures to nearly double this year, reaching between $175 billion and $185 billion, indicating a year-over-year increase of 97%, which is higher than the projected 74% growth for FY2025 [1] - This reflects strong momentum in artificial intelligence, Gemini, and core business operations [1] - Jefferies set a target price of $400 for Alphabet, with a "Buy" rating [1]