Jing Ji Guan Cha Wang·2026-02-12 15:03Core Insights - Google's capital expenditure is expected to reach between $175 billion and $185 billion in 2026, primarily focused on investing in AI computing capabilities to meet strong cloud customer demand and other strategic projects [1] Company Project Progress - Google is actively promoting the external sales of its self-developed TPU and is in negotiations with Meta for a multi-billion dollar TPU supply, with Meta planning to integrate Google's TPU into its data centers starting in 2027 [2] - The seventh-generation TPU "Ironwood" was released in early November 2025 and is expected to be available in the coming weeks [2] Business Development - The Gemini3 model, released in November 2025, has received positive market feedback, with monthly active users exceeding 750 million by the fourth quarter of 2025 [3] - Google plans to further integrate Gemini into core products such as search and Android, and collaborate with Apple to enhance device penetration, which may drive long-term growth [3] Industry Position - Google Cloud's revenue grew by 48% year-over-year in the fourth quarter of 2025, with a backlog of unfulfilled orders amounting to $240 billion [4] - With the mass production of the TPU v7p chip and collaborations with companies like Anthropic, the cloud business is expected to maintain high growth and become a core engine for the company [4] Institutional Perspectives - Several institutions, including Citigroup and JPMorgan, have identified Google as a key player in the AI sector for 2026, focusing on its capital expenditure efficiency and AI monetization progress [5] - The market is likely to continue monitoring the growth rate and profit performance of the cloud business in quarterly earnings reports [5]