Thread opened; the full Q2 picture lands

2026-07-23 · part of Google Capex

What happened

Opened — split out of Circular Financing so Google's capex trajectory has its own thread rather than one line inside the broader circular-financing story.
Full Q2 detail, finalize sweep: revenue $119.8B (+24% YoY, beat), Google Cloud +82% to $24.8B with a $514B backlog — but stock fell over 6% (not the ~5% first-read) and 2027 capex flagged to "increase significantly." Also disclosed: Google is testing Gemini 3.5 Pro and has begun pretraining Gemini 4. (CNBC)
GOOGL still soft in premarket — continuation of 07-22's after-hours reaction, not new news. (Tickmill)

Sources 2

CNBC cnbc.com high 0.85
Tickmill tickmill.com unrated

Credibility ratings combine two public datasets: Lin et al. 2023, PNAS Nexus 2(9):pgad286 (CC BY 4.0) for the domain-quality score, and Wikipedia's perennial-sources list (CC BY-SA 4.0) for the reliability tier. A rating describes an outlet's general record, never this particular article. Unrated means absent from those datasets — not a judgement.

The wider story

This event sits inside Google Capex, which carries how it developed before and since.

Story 18 of 23 in this thread's timeline, oldest to newest

Adjacent threads (shared entities):

· Apple × Gemini

· Frontier Gatekeeping

· Where the Capex Lands

· Compute Spend

· In-House Silicon

· Big Tech into Health

· Google Health

· Targets

· DeepMind Succession