Josh Gilbert

speaker

337 appearances 3 recordings 1 series first heard Apr 2026 last heard 27 Jul

Josh Gilbert’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 3 in all, peaking in Jul 2026 with 1.

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FEAR & GREED | Business News · Q+A: Big Tech's AI spending is about to be tested · 27 Jul 2026 podcast

I think it was a couple of things that we learned.

Firstly, they showed us kind of what the market was looking for with this AI trade.

They showed real profits from the spending.

So if we look at the numbers, it came from Google Cloud.

They saw growth of over 80%.

Cloud profits more than tripled, saw record margins.

So that's really what the market's looking for, is this AI build-out paying off.

Its search numbers was also really good, showing it can sort of live alongside AI.

That's part of the business that keeps delivering and the AI features are actually driving more searches.

The other side of it, though, and basically what overshadowed everything was that its capex guidance went up to as much as 200 billion for this year.

And that's ultimately what sent shares lower last week.

And where that's coming from is the amount of money that they're spending each quarter.

And ultimately, this quarter or Q2, free cash flow went negative for the first time since Alphabet listed back in 2004.

So this is a company that has never burned cash as a public business, and now it is.

And they told us that that sort of pressure on that sort of free cash flow is going to continue into next year.

Yeah, it's everything, right?

It's everything that is below the surface, whether that's memory, chips, infrastructure, it's everything below, you know, even the little things, the cabling that goes into the cooling of the data centers, right?

And I think ultimately it's coming from a place of...

the scale and the sheer demand that we are ultimately seeing from AI.

So I think that the big sort of, you know, asterisk to put on Alphabet spending is that it's coming from a place of, you know, demand already knocking at the door.

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