Google Cloud 营收同比增长 103% 至 $30.7B，经营利润同比增至三倍达 $11.1B。模型 API 处理量近 32B tokens 每分钟、约为一年前 4 倍多，Gemini 应用达 1B 用户；TPU 销售贡献明显，Oracle 已提供 TPU 且 OpenAI 据报采购，但 Google 预计大部分 TPU 收入要到 2027 年。
原文把 Google Cloud 高增长与自由现金流转负并列，读者可以同时看到 AI 投入的收益和成本两侧。
> Google Cloud revenue rose 103% year on year to $30.7B on demand for AI infrastructure, and Cloud’s operating income tripled year on year to $11.1B.
> Google’s model APIs now process nearly 32B tokens per minute, more than 4x a year earlier, and the Gemini app reached 1B users.
> TPU chip sales contributed meaningfully to Cloud growth, with Oracle now offering TPUs and OpenAI reportedly buying them, though Google expects most TPU revenue only in 2027.
> AI data center spending left free cash flow negative by more than $9B, deeper than the previous quarter’s $5.9B deficit, while shared AI research costs rose 71% year on year to $7.7B.
来源：Rohan Paul · x.com