Alphabet’s cloud growth rate gets all the attention, but one number buried in the earnings report is why I keep adding shares every quarter and plan to keep doing it.
I added to my Alphabet (NASDAQ:GOOGL | GOOGL Price Prediction) position again, and I already know I will do it next quarter too. Most investors point to Google Cloud’s growth rate as the reason to own it. That growth matters to me. The number that keeps pulling me back is the one that tells me what Alphabet will earn years from now: a $514 billion backlog of signed cloud commitments.
Signed Contracts Turn AI Spending Into Visible Revenue
Google Cloud revenue grew 82% to $24.77 billion in Q2. Growth has sped up every quarter, from 34% in Q3 2025, to 48% in Q4 2025, to 63% in Q1 2026. That acceleration supports the AI capex plan, which management guided to $175 billion to $185 billion for 2026.
Spending on that scale would make me nervous if customers had not already committed to pay for the capacity. They have….
