GOOG
NBIS
Google just made the neocloud trade feel a lot less niche
Alphabet’s finance chief basically said the quiet part out loud: Google is still racing to build enough internal AI infrastructure, and in the meantime it’ll use more third-party capacity in Q3. Translation? The AI arms race is so hot that even one of the biggest cloud players on Earth is still shopping for extra horsepower.
Why Nebius traders care
That’s music to the ears of companies like Nebius, which have built a business around selling the compute hyperscalers and AI developers can’t get fast enough on their own. When Google starts talking about outside providers as part of the plan, it’s not just a one-day headline — it’s a giant neon sign pointing at demand.
The capex number got louder, too
Alphabet also bumped its 2026 capital spending outlook to $195 billion to $205 billion, up from $180 billion to $190 billion. In plain English: the spending spree just got bigger, and the whole AI infrastructure neighborhood gets to enjoy the glow-up.
Big picture
NBIS may be the stock popping today, but the real story is the same one Wall Street keeps circling back to: AI buildouts are still outrunning supply. And whenever that happens, the companies selling shovels, picks, and GPU-filled warehouses tend to get a little more interesting.