原文標題： Alphabet says capital spending in 2026 could double, cloud business booms 原文連結：https://tinyurl.com/4zuyaut7 發布時間：February 5, 2026 5:06 AM GMT+8Updated 40 mins ago 記者署名：By Deborah Mary Sophia and Kenrick Cai 原文內容： Feb 4 (Reuters) - Alphabet (GOOGL.O) said on Wednesday that capital expenditure could as much as double this year, in yet another aggressive spending ramp-up by the Google parent as it deepens investments to allay constraints on compute capacity and push ahead in the AI race. （路透社 2 月 4 日電）Alphabet 週三表示，今年的資本支出可能增加多達一倍。 這是這家 Google 母公司又一次激進的支出擴張，旨在深化投資以緩解運算能力的 限制，並在 AI 競賽中取得領先。 Alphabet and its Big Tech rivals are expected to collectively shell out more than $500 billion on AI this year. Meta (META.O) last week hiked capital investment for AI development this year by 73%, while Microsoft (MSFT.O) also reported record quarterly capital expenditure. Alphabet 及其科技巨頭對手預計今年將在 AI 領域共同投入超過 5,000 億美元。 Meta 上週將今年的 AI 開發資本投資提高了 73%，而微軟（Microsoft）也報告了 創紀錄的季度資本支出。 The aggressive expansion in outlay comes at a time when investors have increasingly grown concerned about payoffs from AI investments. Google, however, has been able to show strong progress in its AI efforts, and its stock has surged 76% since the beginning of 2025. 這種激進的支出擴張發生在投資者日益擔心 AI 投資回報之際。然而，Google 已展 現出 AI 工作的強勁進展，其股價自 2025 年初以來已飆升 76%。 "We are seeing our AI investments and infrastructure drive revenue and growth across the board," CEO Sundar Pichai told analysts on a conference call on Wednesday. 「我們看到我們的 AI 投資和基礎設施正在全面推動營收與增長，」執行長桑德·皮 查伊（Sundar Pichai）在週三的分析師電話會議上表示。 Alphabet executives said that investments in AI computing power capacity - servers, data centers and networking equipment - were central to the company's plans to target capital expenditure of $175 billion to $185 billion this year , up from $91.45 billion in 2025. Analysts had expected on average that it would spend about $115.26 billion this year, according to data compiled by LSEG. Alphabet 高層表示，對 AI 運算能力（伺服器、數據中心和網路設備）的投資， 是公司計畫將今年資本支出目標定為 1,750 億至 1,850 億美元的核心，遠高於 2025 年的 914.5 億美元。根據 LSEG 編製的數據，分析師平均預期今年的支出約 為 1,152.6 億美元。 Alphabet shares were volatile in after-hours trading - falling 6% before recouping some losses to trade down 2%, as investors weighed the swell in spending against surging revenue and profit, both of which beat expectations in the December quarter. Alphabet 股價在盤後交易中劇烈波動——一度下跌 6%，隨後收復部分失地，收盤 下跌 2%。投資者正在衡量龐大的支出增長與激增的營收及利潤之間的關係，後兩 者在 12 月當季均超出了預期。 The company's cloud business in particular reported stellar growth in the fourth quarter ended December, surging 48% to $17.7 billion, beating analyst expectations. 該公司的雲端業務在截至 12 月的第四季度表現尤為出色，增長 48% 至 177 億美元 ，超過分析師預期。 "We've been supply-constrained, even as we've been ramping up our capacity," Pichai said. "Obviously, our capex spend this year is an eye towards the future." 「即使我們一直在提升產能，我們仍面臨供應受限的問題，」皮查伊說。「顯然， 我們今年的資本支出是著眼於未來。」 Pichai said he expected Alphabet to face continued capacity constraints through the year. 皮查伊表示，他預計 Alphabet 在今年將持續面臨產能受限的挑戰。 GOOGLE IS NOW A LEGITIMATE HYPERSCALER ALONGSIDE AMAZON AND MICROSOFT GOOGLE 現已成為與亞馬遜及微軟齊名的超級規模雲端商 The launch of Google's Gemini 3 AI model in November reshaped the narrative around Google as an AI laggard. The strong reception propelled the company in the AI arms race and prompted rival OpenAI to issue an internal "code red" to push teams to accelerate development. 去年 11 月 Google 推出的 Gemini 3 AI 模型改變了關於 Google 是 AI 落後者的 說法。強烈的反響推動了該公司在 AI 軍備競賽中的地位，並促使對手 OpenAI 發布 了內部的「紅色警報」，要求團隊加速開發。 Google's enterprise-grade Gemini model has sold 8 million paying seats across 2,800 companies, Pichai said. Last month, Google scored one of its biggest deals yet, a cloud partnership with Apple (AAPL.O) to power the iPhone maker's AI offerings with its Gemini models. 皮查伊表示，Google 的企業級 Gemini 模型已在 2,800 家公司中售出 800 萬個付費 席位。上個月，Google 達成了迄今為止最大的交易之一，即與蘋果（Apple）建立雲 端合作夥伴關係，利用其 Gemini 模型為這家 iPhone 製造商的 AI 功能提供支援。 The cloud division's growth was "importantly higher growth than Microsoft Azure for the first time in several years," helping the parent company to justify the capex hike, said Gil Luria, a D.A. Davidson analyst. D.A. Davidson 分析師吉爾·盧里亞（Gil Luria）表示，雲端部門的增長「幾年來首次明顯高於微軟 Azure 的增長」，這有助於母公司證明增加資本支出的合理性。 "Cloud at 48% growth with rapidly expanding margins is no longer a 'show me' story: they showed us," said Ethan Feller, stock strategist at Zacks Investment Research. "Google has established itself as a legitimate hyperscaler alongside Amazon and Microsoft, with AI workloads driving real enterprise demand." Zacks 投資研究公司的股票策略師伊桑·費勒（Ethan Feller）表示：「雲端業務增 長 48% 且利潤率迅速擴大，這不再是一個『證明給我看』的故事：他們已經證明了。 Google 已確立了自己作為與亞馬遜、微軟並列的超大規模服務商地位，AI 工作負載 推動了真正的企業需求。」 Alphabet executives have touted the cloud as a proof point of AI-driven revenue on past earnings calls, but the most recent quarter suggested newfound confidence in messaging around growth from other parts of the business, like the search engine, that have been bolstered by AI integrations. 在過去的盈餘電話會議上，Alphabet 高層一直標榜雲端業務是 AI 驅動營收的證明。 但最近一個季度的數據顯示，他們對其他業務（如受 AI 整合強化的搜尋引擎）的增 長傳遞了新的信心。 Google's Gemini AI assistant app now has more than 750 million users per month , Pichai said, up by 100 million compared with November. Daily queries in AI Mode, a chatbot-like feature in its native search engine, have also doubled since launch. 皮查伊說，Google 的 Gemini AI 助手 App 目前每月有超過 7.5 億名用戶，比 11 月 增加了 1 億。搜尋引擎中類似聊天機器人的「AI 模式」功能，自推出以來每日查詢量 也翻了一倍。 Gemini has helped the advertising unit to deliver ads on long, complex search queries that were previously difficult to monetize, Google's chief business officer, Philipp Schindler, told analysts. Google 首席商務官菲利普·辛德勒（Philipp Schindler）告訴分析師，Gemini 幫助 廣告部門針對以前難以獲利的長篇且複雜的搜尋查詢投放廣告。 The company reported total revenue of $113.83 billion for the quarter, beating analyst estimates of $111.43 billion, per LSEG data. Adjusted profit per share of $2.82 also beat estimates of $2.63. 根據 LSEG 數據，該公司報告該季度總營收為 1,138.3 億美元，超過分析師預期 的 1,114.3 億美元。每股調整後利潤為 2.82 美元，也超過了預期的 2.63 美元。 心得/評論： ChatGPT Alphabet 正在用極高資本支出，換取 AI 與雲端時代的長期結構性主導權，而最新財報 顯示，這筆賭注已開始兌現。 ** Google 的資本支出與 Gemini 成功，將 AI 產業從「創新者主導」推向「資本與基建主 導」，這對 OpenAI 是最具結構性的長期壓力。 Gemini 這是一份表現極其強勁的財報。Google 正在進入一個「高風險、高回報」的擴張期，雖 然數千億美元的支出讓市場緊張，但雲端和 AI 的實際增長數據，為其提供了目前最強有 力的辯護。 ** Alphabet 的這次行動向世界宣告：「AI 的草創期結束了，現在進入大資本、大基礎設施 的消耗戰。」 對於 OpenAI 來說，他們必須證明 GPT-5 (或下一代模型) 具備 Google 砸再多錢也換不 來的「代差級」技術優勢，否則在 Google 全面發動的「生態系＋算力＋資金」飽和攻擊 下，OpenAI 領先者的光環將迅速消退。 -- ※ 發信站: 批踢踢實業坊(ptt.cc), 來自: 180.177.12.128 (臺灣) ※ 文章網址: https://www.ptt.cc/bbs/Stock/M.1770256674.A.433.html ※ 編輯: TyuzuChou (180.177.12.128 臺灣), 02/05/2026 10:00:44