Google Cloud 收入同比增长 103% 至 307 亿美元，云业务运营利润同比增长两倍至 111 亿美元，主要受 AI 基础设施需求带动。Google 的模型 API 目前每分钟处理近 320 亿 token，是一年前的 4 倍多，Gemini 应用用户达到 10 亿。
原文把云收入、模型 API 调用量、TPU 外供与自由现金流转负放在一起，可看 AI 基建投入与回报的当期对照。
Google Cloud revenue rose 103% year on year to $30.7B on demand for AI infrastructure, and Cloud’s operating income tripled year on year to $11.1B.
Google’s model APIs now process nearly 32B tokens per minute, more than 4x a year earlier, and the Gemini app reached 1B users.
TPU chip sales contributed meaningfully to Cloud growth, with Oracle now offering TPUs and OpenAI reportedly buying them, though Google expects most TPU revenue only in 2027.
AI data center spending left free cash flow negative by more than $9B, deeper than the previous quarter’s $5.9B deficit, while shared AI research costs rose 71% year on year to $7.7B.
来源：Rohan Paul · x.com