Google Cloud surpasses $20B, but says growth was capacity-constrained

Google Cloud 营收突破 200 亿美元，但称增长受限于产能

Google Cloud, the business under parent company Alphabet that provides enterprise AI solutions, had a blowout first quarter, with revenues topping $20 billion for the time, a 63% increase from the same period last year. 作为母公司 Alphabet 旗下提供企业级 AI 解决方案的业务部门，Google Cloud 在第一季度表现强劲，营收首次突破 200 亿美元，较去年同期增长 63%。

However, investors on the company’s earnings call expressed concern about the constraints surrounding the business and how Google decides to allocate cloud capacity. In the first quarter of 2026, the company said its cloud growth was driven by strong performance in the Google Cloud Platform, which grew at a higher rate than the Google Cloud division’s overall revenue growth. (The Cloud division includes a variety of services like infrastructure, data analytics, AI/ML tools, and Google Workspace.) 然而，投资者在财报电话会议上对该业务面临的限制以及 Google 如何分配云产能表示担忧。公司表示，2026 年第一季度的云业务增长主要得益于 Google Cloud Platform 的强劲表现，其增速高于 Google Cloud 部门的整体营收增速。（云部门涵盖了基础设施、数据分析、AI/ML 工具和 Google Workspace 等多种服务。）

Alphabet CEO Sundar Pichai told analysts on the Q1 2026 earnings call on Wednesday that this growth came from “strong demand” for Gemini Enterprise and its AI solutions, and pointed to an increased demand for infrastructure, including TPU hardware and data centers. AI solutions were the largest driver of cloud growth, with products built on Google’s genAI models growing nearly 800% year-over-year. Alphabet 首席执行官桑达尔·皮查伊（Sundar Pichai）在周三的 2026 年第一季度财报电话会议上告诉分析师，这种增长源于市场对 Gemini Enterprise 及其 AI 解决方案的“强劲需求”，并指出对包括 TPU 硬件和数据中心在内的基础设施需求也在增加。AI 解决方案是云业务增长的最大驱动力，基于 Google 生成式 AI 模型构建的产品同比增长近 800%。

Google Gemini Enterprise also grew 40% quarter-over-quarter, the company said, and AI token growth via its API grew to 16 billion tokens per minute, up from 10 billion in the fourth quarter. Pichai noted other cloud milestones, including new customer acquisition doubling year-over year, deal momentum doubling the number of $100 million to $1 billion deals year-over-year, with the company signing multiple “billion-dollar-plus” deals. Customers also outpaced their initial commitments by 45% quarter-over-quarter, he said. 公司表示，Google Gemini Enterprise 环比增长了 40%，通过其 API 处理的 AI Token 增长至每分钟 160 亿个，高于第四季度的 100 亿个。皮查伊还提到了云业务的其他里程碑，包括新客户获取量同比增长一倍，1 亿至 10 亿美元规模的交易数量同比增长一倍，且公司签署了多笔“十亿美元以上”的订单。他表示，客户的实际使用量也比其最初承诺的额度高出 45%。

Still, the exec warned, there were constraints to this growth, noting that Google Cloud’s backlog had doubled in the quarter to $462 billion. He spun this as a positive for the company, noting that it demonstrated how Google Cloud was different from other competitors. “Obviously, we are compute constrained in the near-term,” Pichai said. “And as an example, our cloud revenue would have been higher if we were able to meet that demand. So we are working through that moment, and we are investing, but we have a robust, long-range planning framework…we see extraordinary opportunities ahead,” he added. 尽管如此，这位高管警告称，这种增长存在限制，并指出 Google Cloud 的积压订单在本季度翻了一番，达到 4620 亿美元。他将此解读为公司的积极信号，认为这证明了 Google Cloud 与其他竞争对手的不同之处。“显然，我们在短期内受到计算能力的限制，”皮查伊说，“举个例子，如果我们能满足需求，我们的云营收本会更高。因此，我们正在努力克服这一阶段，我们正在进行投资，但我们拥有稳健的长期规划框架……我们看到了前方非凡的机遇。”他补充道。

The company expects to work through 50% of the backlog over the next “24 months,” it said. Much of the company’s revenue potential comes from providing infrastructure through the cloud, and, with some customers, the direct sale of TPU hardware as well. Pichai told investors that Google takes an approach that considers the return on capital investment (ROIC), which helps it to continue to properly invest in the “cutting edge.” 公司表示，预计在未来“24 个月”内完成 50% 的积压订单。公司大部分的营收潜力来自于通过云提供基础设施，对于部分客户，还包括直接销售 TPU 硬件。皮查伊告诉投资者，Google 采取了一种考虑资本投资回报率（ROIC）的方法，这有助于公司继续在“尖端技术”领域进行合理的投资。