原文标题： Alphabet says capital spending in 2026 could double, cloud business booms 原文连结：https://tinyurl.com/4zuyaut7 发布时间：February 5, 2026 5:06 AM GMT+8Updated 40 mins ago 记者署名：By Deborah Mary Sophia and Kenrick Cai 原文内容： Feb 4 (Reuters) - Alphabet (GOOGL.O) said on Wednesday that capital expenditure could as much as double this year, in yet another aggressive spending ramp-up by the Google parent as it deepens investments to allay constraints on compute capacity and push ahead in the AI race. （路透社 2 月 4 日电）Alphabet 周三表示，今年的资本支出可能增加多达一倍。 这是这家 Google 母公司又一次激进的支出扩张，旨在深化投资以缓解运算能力的 限制，并在 AI 竞赛中取得领先。 Alphabet and its Big Tech rivals are expected to collectively shell out more than $500 billion on AI this year. Meta (META.O) last week hiked capital investment for AI development this year by 73%, while Microsoft (MSFT.O) also reported record quarterly capital expenditure. Alphabet 及其科技巨头对手预计今年将在 AI 领域共同投入超过 5,000 亿美元。 Meta 上周将今年的 AI 开发资本投资提高了 73%，而微软（Microsoft）也报告了 创纪录的季度资本支出。 The aggressive expansion in outlay comes at a time when investors have increasingly grown concerned about payoffs from AI investments. Google, however, has been able to show strong progress in its AI efforts, and its stock has surged 76% since the beginning of 2025. 这种激进的支出扩张发生在投资者日益担心 AI 投资回报之际。然而，Google 已展 现出 AI 工作的强劲进展，其股价自 2025 年初以来已飙升 76%。 "We are seeing our AI investments and infrastructure drive revenue and growth across the board," CEO Sundar Pichai told analysts on a conference call on Wednesday. 「我们看到我们的 AI 投资和基础设施正在全面推动营收与增长，」执行长桑德·皮 查伊（Sundar Pichai）在周三的分析师电话会议上表示。 Alphabet executives said that investments in AI computing power capacity - servers, data centers and networking equipment - were central to the company's plans to target capital expenditure of $175 billion to $185 billion this year , up from $91.45 billion in 2025. Analysts had expected on average that it would spend about $115.26 billion this year, according to data compiled by LSEG. Alphabet 高层表示，对 AI 运算能力（伺服器、数据中心和网路设备）的投资， 是公司计画将今年资本支出目标定为 1,750 亿至 1,850 亿美元的核心，远高於 2025 年的 914.5 亿美元。根据 LSEG 编制的数据，分析师平均预期今年的支出约 为 1,152.6 亿美元。 Alphabet shares were volatile in after-hours trading - falling 6% before recouping some losses to trade down 2%, as investors weighed the swell in spending against surging revenue and profit, both of which beat expectations in the December quarter. Alphabet 股价在盘後交易中剧烈波动——一度下跌 6%，随後收复部分失地，收盘 下跌 2%。投资者正在衡量庞大的支出增长与激增的营收及利润之间的关系，後两 者在 12 月当季均超出了预期。 The company's cloud business in particular reported stellar growth in the fourth quarter ended December, surging 48% to $17.7 billion, beating analyst expectations. 该公司的云端业务在截至 12 月的第四季度表现尤为出色，增长 48% 至 177 亿美元 ，超过分析师预期。 "We've been supply-constrained, even as we've been ramping up our capacity," Pichai said. "Obviously, our capex spend this year is an eye towards the future." 「即使我们一直在提升产能，我们仍面临供应受限的问题，」皮查伊说。「显然， 我们今年的资本支出是着眼於未来。」 Pichai said he expected Alphabet to face continued capacity constraints through the year. 皮查伊表示，他预计 Alphabet 在今年将持续面临产能受限的挑战。 GOOGLE IS NOW A LEGITIMATE HYPERSCALER ALONGSIDE AMAZON AND MICROSOFT GOOGLE 现已成为与亚马逊及微软齐名的超级规模云端商 The launch of Google's Gemini 3 AI model in November reshaped the narrative around Google as an AI laggard. The strong reception propelled the company in the AI arms race and prompted rival OpenAI to issue an internal "code red" to push teams to accelerate development. 去年 11 月 Google 推出的 Gemini 3 AI 模型改变了关於 Google 是 AI 落後者的 说法。强烈的反响推动了该公司在 AI 军备竞赛中的地位，并促使对手 OpenAI 发布 了内部的「红色警报」，要求团队加速开发。 Google's enterprise-grade Gemini model has sold 8 million paying seats across 2,800 companies, Pichai said. Last month, Google scored one of its biggest deals yet, a cloud partnership with Apple (AAPL.O) to power the iPhone maker's AI offerings with its Gemini models. 皮查伊表示，Google 的企业级 Gemini 模型已在 2,800 家公司中售出 800 万个付费 席位。上个月，Google 达成了迄今为止最大的交易之一，即与苹果（Apple）建立云 端合作夥伴关系，利用其 Gemini 模型为这家 iPhone 制造商的 AI 功能提供支援。 The cloud division's growth was "importantly higher growth than Microsoft Azure for the first time in several years," helping the parent company to justify the capex hike, said Gil Luria, a D.A. Davidson analyst. D.A. Davidson 分析师吉尔·卢里亚（Gil Luria）表示，云端部门的增长「几年来首次明显高於微软 Azure 的增长」，这有助於母公司证明增加资本支出的合理性。 "Cloud at 48% growth with rapidly expanding margins is no longer a 'show me' story: they showed us," said Ethan Feller, stock strategist at Zacks Investment Research. "Google has established itself as a legitimate hyperscaler alongside Amazon and Microsoft, with AI workloads driving real enterprise demand." Zacks 投资研究公司的股票策略师伊桑·费勒（Ethan Feller）表示：「云端业务增 长 48% 且利润率迅速扩大，这不再是一个『证明给我看』的故事：他们已经证明了。 Google 已确立了自己作为与亚马逊、微软并列的超大规模服务商地位，AI 工作负载 推动了真正的企业需求。」 Alphabet executives have touted the cloud as a proof point of AI-driven revenue on past earnings calls, but the most recent quarter suggested newfound confidence in messaging around growth from other parts of the business, like the search engine, that have been bolstered by AI integrations. 在过去的盈余电话会议上，Alphabet 高层一直标榜云端业务是 AI 驱动营收的证明。 但最近一个季度的数据显示，他们对其他业务（如受 AI 整合强化的搜寻引擎）的增 长传递了新的信心。 Google's Gemini AI assistant app now has more than 750 million users per month , Pichai said, up by 100 million compared with November. Daily queries in AI Mode, a chatbot-like feature in its native search engine, have also doubled since launch. 皮查伊说，Google 的 Gemini AI 助手 App 目前每月有超过 7.5 亿名用户，比 11 月 增加了 1 亿。搜寻引擎中类似聊天机器人的「AI 模式」功能，自推出以来每日查询量 也翻了一倍。 Gemini has helped the advertising unit to deliver ads on long, complex search queries that were previously difficult to monetize, Google's chief business officer, Philipp Schindler, told analysts. Google 首席商务官菲利普·辛德勒（Philipp Schindler）告诉分析师，Gemini 帮助 广告部门针对以前难以获利的长篇且复杂的搜寻查询投放广告。 The company reported total revenue of $113.83 billion for the quarter, beating analyst estimates of $111.43 billion, per LSEG data. Adjusted profit per share of $2.82 also beat estimates of $2.63. 根据 LSEG 数据，该公司报告该季度总营收为 1,138.3 亿美元，超过分析师预期 的 1,114.3 亿美元。每股调整後利润为 2.82 美元，也超过了预期的 2.63 美元。 心得/评论： ChatGPT Alphabet 正在用极高资本支出，换取 AI 与云端时代的长期结构性主导权，而最新财报 显示，这笔赌注已开始兑现。 ** Google 的资本支出与 Gemini 成功，将 AI 产业从「创新者主导」推向「资本与基建主 导」，这对 OpenAI 是最具结构性的长期压力。 Gemini 这是一份表现极其强劲的财报。Google 正在进入一个「高风险、高回报」的扩张期，虽 然数千亿美元的支出让市场紧张，但云端和 AI 的实际增长数据，为其提供了目前最强有 力的辩护。 ** Alphabet 的这次行动向世界宣告：「AI 的草创期结束了，现在进入大资本、大基础设施 的消耗战。」 对於 OpenAI 来说，他们必须证明 GPT-5 (或下一代模型) 具备 Google 砸再多钱也换不 来的「代差级」技术优势，否则在 Google 全面发动的「生态系＋算力＋资金」饱和攻击 下，OpenAI 领先者的光环将迅速消退。 --

※ 发信站: 批踢踢实业坊(ptt.cc), 来自: 180.177.12.128 (台湾) ※ 文章网址: https://webptt.com/cn.aspx?n=bbs/Stock/M.1770256674.A.433.html ※ 编辑: TyuzuChou (180.177.12.128 台湾), 02/05/2026 10:00:44