The news: Alphabet’s AI and infrastructure spending isn’t slowing down—despite disappointing returns.

• The company reported $11.96 billion in Cloud revenues for Q4, up 30% YoY but short of analysts’ $12.2 billion forecast.
• Alphabet expects capital expenditures to surge past $75 billion this year, up from $52.5 billion in 2024 and far past the $58 billion analysts had expected.