💻 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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