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GOOGLE $GOOG $GOOGL: Show me the CapEx! +114% Y/Y Growth

MICROSOFT $MSFT: CapEx increased 30% to $45.2 billion "Roughly 3/4's of CapEx we're for short-lived assets, primarily CPUs & GPUs" Microsoft spent roughly $33.9 billion on just new CPUs and GPUs alone!!

GOOGLE $GOOG $GOOGL: Latest TPU Systems v7 Example

GOOGLE $GOOG $GOOGL: I'd say AI is generating some good returns

GOOGLE $GOOG $GOOGL: Google Cloud: +103% Q3 Y/Y revenue growth Gemini: ~32B Tokens per minute, up 40% Q/Q This is massive

Token Prices continue to decline Source: Citadel Securities $CRWV $NBIS $IREN $NCLD $NVDA

More Compute = More Revenue The strongest financial chart in Anthropic's S1: revenue divided by compute and infrastructure expense rises from 0.40x in Q1 2025 to 2.08x in Q2 2026, a 5.2x improvement. A compelling visual of the business scaling faster than its compute bill. $CRWV $SPCX $NBIS $INTC $NVDA $AVGO $GOOG

Model progress can expand the addressable workload. The filing reports ExploitBench scores rising from 40% to 91% over roughly four months. That illustrates a capability improvement on this benchmark; it doesn’t establish commercial adoption. $SPY $QQQ $SMH $NVDA $CRWV

High gross margins don’t settle the profitability debate. H1 gross margin reached 85.4%, but R&D absorbed 59.8% of revenue. Staying at the frontier remains expensive. Source: Anthropic S1 $SPY $QQQ $NVDA $SMH $CRWV $NBIS $AVGO $GOOG $MSFT

Anthropic revenue is outgrowing compute expense. Q2 revenue rose 144% sequentially, versus 64% for total compute expense. The PM question is how much reflects sustainable efficiency versus mix, utilization and timing. $SPY $QQQ $CRWV $NBIS $SMH $NVDA $INTC $AVGO $GOOG $AMZN

The Compute Paradox: how much must usage grow? A 40% reduction in cost per task requires 67% more tasks just to keep customer spending flat. The filing combines price cuts and efficiency gains, so it doesn’t support a clean token-price series. Source: LRMI & Anthropic S1 $NVDA $CRWV $NBIS $INTC $SPCX $SPY $QQQ