BofA's Q2'26 preview estimates Google's net revenue at $102.1 billion (up 25% YoY) and GAAP EPS at $8.38, significantly higher than consensus due to an $80 billion mark-to-market benefit from Anthropic's revaluation to $965 billion. Google Cloud's growth estimate was raised to 70% YoY ($23.2 billion in revenue) driven by accelerating AI demand and a reported $200 billion commitment from Anthropic over five years. Google's CY26 capex range is projected to increase by ~5% to $190–$200 billion, with Q2 capex modeled at $50.1 billion (up 123% YoY), partly due to higher memory pricing. Alphabet also secured 110,000 NVIDIA GPUs from SpaceX via a multi-year lease, committing ~$920 million per month from October 2026 through June 2029, and raised $85 billion in capital to fund AI infrastructure.
Google is aggressively funding and securing AI compute capacity through massive capex, a large capital raise, and direct GPU leases, driving up demand for NVIDIA GPUs and memory.