Alphabet
Alphabet’s proof point is Search + Cloud. If Gemini features lift ad yield and engagement without compressing margins, and Google Cloud shows faster growth with improving operating margins, that is direct evidence AI is monetising at scale. Risk: high AI capex diluting margins if revenue lift lags.
Amazon
Amazon’s test is AWS. Clear signs that AI workloads are driving reacceleration in AWS growth and margin expansion would validate monetisation more cleanly. Enterprise contracts, higher attach rates, and operating leverage make AI revenue easier to attribute.
Verdict
• Cleaner AI monetisation signal: Amazon (AWS is a paid, usage-driven platform).
• Bigger strategic payoff if it lands: Alphabet (AI defending Search margins and scaling Cloud).
In short, Amazon offers clearer near-term proof; Alphabet offers higher upside if execution matches expectations.
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