谷歌-AI 需求带动搜索与云业务营收同比加速增长，利润率扩张；但 26 年资本支出显著增加

Ac t i o n | 05 Feb 2026 02:43:33 ET │ 19 pages Alphabet Inc (GOOGL.O) Search and Cloud Growth Reaccelerate Y/Y on AI Demand as Margins Expand, though '26E CapEx Materially Higher CITI'S TAKE With Search and Other revenue growth accelerating to +17% Y/Y, Cloud growth accelerating to +48% Y/Y, and margins expanding, we emerge from 4Q25 results incrementally positive on shares of Google. With daily AI-Mode queries in the U.S. doubling since launch (March '25) and Gemini now at 750M MAUs, we believe consumers ...