Google Cloud beat every estimate and margin nearly doubled — but the two biggest bullish data points (the $514B backlog, the raised capex guidance) live only in unaudited call commentary, not the GAAP filing. Below is what matters, not a transcript.
CapEx
Q2 capex: $44.9B, +100% YoY — literally doubled. Four straight quarters of acceleration: $23.95B → $2…
