Google reported record AI cloud demand, backlog, and margin expansion in latest earnings.

Google hiked capex guidance, signaling continued investment in AI infrastructure and sustained hyperscaler demand.

Google's forced capacity reductions for competitors indicates extreme internal compute bottlenecks requiring continued aggressive capex despite excess capacity concerns.

Google is restricting customer compute capacity due to internal capacity constraints.

Gemini AI model capabilities questionable; suggests Google losing ground in conversational AI race.

Google talent exodus limiting Gemini model development; raises capability questions about competitive positioning.

Author buying Google positioned for TPU order announcement and hyperscaler capex-driven compute growth.