$GOOGL just raised capex guidance by another $15 billion. That’s the second raise this year, on top of a spend that already doubled. Sundar told you why last quarter: “we are compute constrained.” A $462B cloud backlog they physically can’t build fast enough to serve. Hedge funds sold tech at a record pace into this print. Google answered with its checkbook. First capex answer of the season: more. Meta, Microsoft, and Amazon are staring at the same shortage. The buildout just got a bigger budget.
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