AI Boom Drives Cloud Business Growth, Google Revenue Soars

Jinse Finance reported that Alphabet (GOOG.O), Google's parent company, announced its third-quarter results, with revenue growing 16% year-on-year to a record $102.3 billion, surpassing analysts' expectations. Thanks to the growth of digital advertising and cloud computing businesses, the company has ample funds for large-scale artificial intelligence investments. Net profit was approximately $35 billion, an increase of 33% year-on-year. The company's stock price once rose about 7% in after-hours trading. Like other tech giants, Google is investing tens of billions of dollars in artificial intelligence research and development. The company raised its capital expenditure forecast for this year to $91 billion to $93 billion, a significant increase from $52.5 billion in 2024. Most of these funds will be used to build data centers for developing and running AI models. Google's cloud computing division has benefited significantly from the AI race, with revenue reaching $15.2 billion this quarter, a year-on-year increase of 34%.