---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/42868722.md"
description: "Google proved the real existence of AI demand with an 82% cloud growth rate, yet demonstrated diseconomies of scale with $205B in CAPEX—when every $1 invested only yields $0.82 in output, the market chose to vote with its feet."
datetime: "2026-07-23T00:33:20.000Z"
locales:
  - [en](https://longbridge.com/en/topics/42868722.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/42868722.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/42868722.md)
author: "[罗莱夏朵](https://longbridge.com/en/profiles/14860395.md)"
---

# Google proved the real existence of AI demand with…


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## Comments (2)

- **股海散修 · 2026-07-23T00:40:06.000Z · 👍 3**: This algorithm has some issues. CapEx is a long-term investment, not a current cost, nor does it correspond only to Cloud revenue. Using one year's revenue to measure computing power assets formed over the next few years tends to underestimate the return on investment.
  - **罗莱夏朵** (2026-07-23T00:44:09.000Z): So what is the market worried about?It's not the arithmetic of "$0.82 revenue for every $1 in CAPEX"—but rather, if the trend of CAPEX growth outpacing revenue growth continues, even calculate