As the world's largest mobile operating system, Android has built a near-zero entry for Google's traffic. Through pre-installed search, Chrome, and YouTube applications, Alphabet has transformed 3 billion device users into sustained cash flow. More importantly, the massive amount of behavioral data (search records, location information, etc.) generated by the system has become the exclusive nutrient for training the Gemini large model, forming a self-reinforcing flywheel for "data AI-monetization".

In fact, Google's seven major products have a user base of over 2 billion, creating the largest digital ecosystem in human history. When users leave their footprints on platforms such as search, YouTube, and maps simultaneously, the data synergies are exponentially amplified. This ecological collaboration not only enhances advertising accuracy, but also enables new competitors to simultaneously challenge multiple technology fortresses such as operating systems, AI chips, and cloud computing, with high entry barriers.

Self-developed TPU chips for commercial return

Google has almost full hardcore power in the AI competition. At the chip level, its self-developed TPU chips have accounted for 28.6% of the global AI workload, while the performance of the seventh generation Ironwood chips has doubled compared to the previous generation, with a 40% decrease in power consumption. At the large model level, the monthly active users of Gemini large models have exceeded 650 million, and the token processing capacity surged 50 times to 480 trillion from 2024 to 2025, giving back the precision of advertising and cloud business. Finally, at the application level, Google Cloud has accumulated orders of $155 billion (up 82% year-on-year), with 70% of customers using their AI tools to enhance their business value.

To support the bursting demand for AI, Alphabet's capital expenditure soared to $24 billion (up 83% year-on-year in the third quarter) and the full year guidance was revised to $91 billion to $93 billion. 60% of them are invested in self-developed TPU servers, and 40% are used for data center construction. This advance investment is turning into commercial returns: revenue from enterprise-grade AI products grew by more than 200% year-on-year in the third quarter of 2025, and cloud revenue was $15.2 billion (up 34%)$谷歌(GOOG)$  $英偉達(NVDA)$