Alphabet (Google) Q3 2025: record $102.3B revenue, double-digit growth in Ads and Cloud, and capex hiked to $91-93B for AI/data centers. Shares jumped on the beat.

What changed

Revenue: $102.3B (+16% YoY). Net income +33%.

Google Cloud: +34% YoY to ~$15.2B.

Capex: raised again to $91–93B in 2025, focused on AI infrastructure and data centers.

Winners

AI chips and semicap gear — read-through from Alphabet’s surging Cloud demand and multi-year AI capex

Why: Strong Cloud growth and a larger AI/data-center buildout mean more accelerators, memory, and fab tools.

Names: NVIDIA ($NVDA), Advanced Micro Devices ($AMD), Micron ($MU), Applied Materials ($AMAT)

Data center power/cooling and colocation REITs scaling capacity to meet AI workloads

Why: Elevated hypersc ...