– Alphabet continues to describe itself as supply-constrained: Despite massive expansion over the past three years, demand continues to outpace investment.
– The 2026 CapEx guidance has been raised to $195–205 billion (previously $180–190 billion). Another significant increase is expected for 2027.
– In Q3, Alphabet plans to increase its use of third-party capacity – explicitly as a stopgap measure, with expected pressure on the cloud margin
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