Google's latest quarterly earnings report is a resounding success, with several key highlights: 1. Cloud revenue grew by 48%, significantly exceeding expectations, and operating margin improved to 30% (compared to 24% in the previous quarter, and Alibaba Cloud's 9% in China). This is approaching the levels of industry leaders AWS and Microsoft, demonstrating rapid growth. Furthermore, three-quarters of Google Cloud customers choose Google's vertically optimized AI services, showcasing a strong full-stack advantage across chips, large models, AI platforms, and enterprise AI agents. 2. Search revenue grew by 17% (compared to 15% in the previous quarter), with search volume also reaching a record high. Google AI Search increased user dwell time: In AI Mode, users spent three times more time searching than with regular searches, further disproving concerns that the widespread adoption of question-and-answer AI would erode Google's core search revenue this quarter. 3.ai Phone—Pixel 10 Coming Soon 4.Gemini The Gemini 3 Pro is undeniably user-friendly, processing three times the daily token volume of the Gemini 2.5 Pro. In Q4, the Gemini API processed 10 billion tokens per minute, up from 7 billion in Q3, a 43% sequential increase. Apple's Siri also uses the Gemini model. Capital expenditure in 2026 is more than double the 90 billion+ in 2025, with an expected 175-185 billion (this may be a market concern). However, despite the excellent financial report and guidance, the stock still fell in after-hours trading, as Google is the only AI company whose stock price hasn't experienced a correction recently. The narrative leader needs to release some pressure from time to time. ———— PS: A small membership group for crypto asset and stock investment has been established. Add alexxxp on WeChat and note: Member. The membership group is suitable for those who agree with fundamental analysis and value investing principles. The group will discuss in-depth investment issues and specific projects/companies. I will also share my current strategies, targets, and the underlying logic. The fee is 399 yuan/year. Purely speculative issues will not be discussed in the group; otherwise, a refund and removal may be requested. I understand and respect everyone's individual investment style, but focus is required here.