谷歌：营收与资本支出加速意味着什么
2026-02-10 03:24
February 5, 2026 07:43 AM GMT Source: Company Data, Morgan Stanley Research … As AI Productization Driving Accelerated Engagement and Monetization… In 4Q, search grew 17% y/y (150bp faster than us)… with Search's estimated 15.6% y/y ex FX growth the fastest growth in ~4 years (2Q:22) when the Search revenue base was 35% smaller than it is now. Google Cloud grew 48% Y/Y (800bps faster than expected driven by continued breadth of GCP customers for Cybersecurity, data analytics, and Enterprise AI, the latter o ...