Alphabet's P/E Distortion Masks 2027 Upside

Alphabet Inc.'s Google Cloud revenue surged 103% to $30.7 billion, but Alphabet's expanding TPU business is becoming increasingly capital intensive. GOOGL carries $75.7 billion of data-center backstops, leaving economic exposure even when infrastructure sits outside its balance sheet. Assets not yet in service reached $145.3 billion, while 2026 CapEx is expected to be between $195 billion and $205 billion.