We already know the key takeaway from tonights Mega Cap earnings.
We're still early in AI. * Google Cloud up 63% yy vs. whisper at up 50%.* Azure growth of 40% vs. whisper of 39%.* AWS up 28% vs. whisper of 30%. * Meta raised capex growth this year to 94% y/y. Previously the Street had expected 76%. In 2025, capex grew at 87%. Keep in mind, the reported cloud numbers likely understate demand because they were all supply constrained. Have to wait for the call for details on how much supply impacted Google Cloud growth.Source: Gene Munster
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