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Review | GOOG / MSFT / AWS: CapEx Raised — 2026 Finally Becomes the Year of Cloud Acceleration
Mo
Raised 2026-27 CapEx and surging AI backlogs point to CSP rev acceleration, with AWS re-accelerating post-OpenAI deal.
GOOG
1. GCP Acceleration
· GCP grew +63% YoY, fully in line with our Preview.
· GCP backlog reached $460B, nearly doubling QoQ.
2. CapEx Raised
· 2026 CapEx guidance lifted from $175–185B to $180–190B.
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