Alphabet?s significant increase in capex reflects the heightened competition for resources as the company funds its growth initiatives in AI and the cloud. Alphabet is ramping up its capital spending to expand its technical infrastructure (e.g., data centers and servers) and has guided to $75 billion of capex in 2025, up 43% from 2024 and 133% from 2023. The $75 billion capital spending for 2025 is $15 billion-$20 billion higher than we had previously expected. However, the step-up in investments is consistent with industry peers and aligns with Alphabet?s cloud and AI growth strategy. Despite the increase in capital spending Alphabet?s net cash position of $82 billion ($96 billion cash and $14 billion of debt) as of year-end 2024 provides
