- GOOG
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Quick Read
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Google (GOOG) doubled capex to $45 billion in a single quarter as Q2 revenue surged 24% to $120 billion and Cloud jumped 82%.
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Trump’s wealth-creator pitch ignores that U.S. electricity prices are rising 61% faster than CPI while AI power demand is set to rise 14-fold by 2028.
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On a recent appearance on Laura Ingraham’s The Ingraham Angle, President Trump called AI data centers “the oil of the next 50 years,” arguing the buildout is delivering wealth and investment to American communities. He singled out Google (NASDAQ:GOOG) for building one in Europe, specifically Finland, and said he “wasn’t happy about that.” He also claimed the community backlash against data centers was a PR campaign run by China.
The framing lands squarely on Google CEO Sundar Pichai, whose own words on the Q2 FY2026 call describe a company building the physical layer of that new economy at unprecedented scale.
Pichai Frames AI as a Secular Shift
On the July 22, 2026 call, Pichai told analysts: “It feels like we are in very early innings of what feels like secular shift across multiple areas in our core information businesses.” He added that Google is “supply constrained” and that “the demand still outpaces that investment.”
The financials support the framing. Q2 revenue reached $119.80 billion, up 24.2% year over year, with Google Cloud accelerating to $24.77 billion, up 82%. Cloud backlog hit $514 billion, and nearly 90% of the Fortune 100 use Gemini Enterprise. EPS came in at $9.11 against a $3.0427 estimate.
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Capex at $45 Billion in One Quarter
Pichai said the payoff justifies the spend: “Our AI investments are redefining what’s possible across every part of our business.” Q2 capital expenditures hit $44.92 billion, up 100.14% year over year, driving free cash flow to negative $5.855 billion. Long-term debt jumped from $46.5 billion to $98.2 billion, and full-year 2026 capex is guided to $175 billion to $185 billion.
