谷歌：26 年资本支出或翻倍至 1750 亿美元，25 年第四季度初步解读

USA | Internet Alphabet, Inc Equity Research '26 Capex to Roughly Double to $175-185B - Q4 First Take Cloud grew 48% y/y vs. JEFe 36% (~9% beat), accelerating from 34% in Q3. FY26 capex $175-185B implies 97% growth at mid-pt, accelerating from FY25's 74% growth to $91B. This speaks to momentum in AI, Gemini, & core bus. in our view. Search grew 17% vs. JEFe 14% (3% beat). Op mgn (off net rev) 39.1% beat St. 38.8% after adjusting for $2.1B Waymo comp charge. YouTube ads missed by 4% & grew 9% y/y. Stock is - ...