💻 **Google's Cloud Revenue Converges to NVIDIA's Growth Rate**

Google Cloud's growth curve is converging with NVIDIA's, signaling AI infrastructure demand is still accelerating.
• Q2 2026 revenue hit **$24.8B**, up **82% YoY**, beating the $22.3B consensus
• Operating margin expanded to **35.6%** (+14.9 pts YoY), closing the gap with AWS
• Backlog reached **$514B**, up 385% YoY, as capex guidance rises to $195–205B
Google booked revenue from TPU hardware sales for the first time this quarter — _a shift CFO Anat Ashkenazi called still "small" relative to expected 2027 revenue_.

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