Google's Q1 2026 earnings report is absolutely explosive:

- Revenue of $109.9 billion, a massive 22% year-over-year increase, far exceeding expectations!

- Cloud business surpasses the $20 billion mark for the first time, up +63% YoY, well above expectations.

- Backlog doubled QoQ to $460 billion.

- AI infrastructure + enterprise solutions dual engines soaring.

- Search & other revenue +19%, query volume hits an all-time high, all thanks to AI experience enhancements.

- Gemini App consumer paid subscriptions surged to 350 million, the strongest quarter ever.

- Gemini Enterprise paid monthly active users +40% QoQ, API processing over 16 billion tokens per minute (+60%).

- Operating profit +30% to $39.7 billion, with a margin of 36.1%.

The concern is that future CapEx ($180-190 billion in 2026, with significant further increases in 2027) will remain high, but CEO Pichai also pointed out that the company's full-stack AI is now powering all businesses, with core operations already taking off.

Google will become the king of the AI era: This also marks AI officially moving from "hype" into the "agentic era" of large-scale implementation. As a full-stack player (models + compute + distribution), Google is likely to lead the entire tech cycle, driving the supply chain and partner ecosystem.