谷歌：因 Gemini 与谷歌云需求攀升上调资本支出预期；维持 “买入” 评级
2025-10-09 02:00
A c tion | 30 Sep 2025 03:57:17 ET │ 17 pages Alphabet Inc (GOOGL.O) Raising CapEx Projections as Gemini & GCP Demand Ramp; Reit. Buy CITI'S TAKE With GenAI demand continuing to outpace supply and Google's product velocity accelerating, we are raising our CapEx projections on Google for 2026E and beyond. We now project 2026E CapEx to be ~$111B, up from ~$86B in '25E, and our new 5-year '24A-'29E CapEx spend CAGR is +26%. Underlying this growth is greater adoption of Google's AI products and services across ...