Outlier Capital(@outliercapx):+ $GOOG just delivered the Cloud print that pushes the AI infra trade even harder. • Google Cloud revenue $30.7B (+103% YoY), beat. • Cloud operating income $11.1B (beat), ~36% margin. • CapEx $51.4B (~40% of revenue). Sundar Pichai: Cloud grew 103% powered by huge demand for AI infrastructure and AI solutions, with strong TPU demand. First-party model APIs now processing nearly 32 billion tokens per minute (4x a year ago). Together with $MSFT’s Azure +48%, the signal is clear: demand is still outrunning supply and the capacity build is intensifying. Direct fuel for power, photonics/CPO, and the rest of the AI infra complex. We are long and bullish AI Infra!

2026.10.28 20:41

+ $GOOG just delivered the Cloud print that pushes the AI infra trade even harder. • Google Cloud revenue $30.7B (+103% YoY), beat. • Cloud operating income $11.1B (beat), ~36% margin. • CapEx $51.4B (~40% of revenue). Sundar Pichai: Cloud grew 103% powered by huge demand for AI infrastructure and AI solutions, with strong TPU demand. First-party model APIs now processing nearly 32 billion tokens per minute (4x a year ago). Together with $MSFT’s Azure +48%, the signal is clear: demand is still outrunning supply and the capacity build is intensifying. Direct fuel for power, photonics/CPO, and the rest of the AI infra complex. We are long and bullish AI Infra!

Outlier Capital@outliercapx

2026.10.28 20:10

$MSFT didn’t just keep the AI trade alive. It just pushed it even harder. • Revenue $92.3B (+19% YoY, beat). • Adj. EPS $4.89 (+18% YoY, beat). • Azure $33.2B +48% YoY (ex-FX +48% vs ~45% est) — accelerating hard. • Microsoft Cloud $63.9B (+30% YoY). • CapEx $39.4B (~43% of revenue) — the buildout is running full speed. • Operating income +21% > revenue growth → operating leverage intact. Azure accelerating at this scale means demand is still outrunning supply. Every print like this forces more capacity, more power, more photonics/CPO, and more interconnects. This is the AI infrastructure spend cycle intensifying. Commercial RPO came in light vs estimates, but the growth engines (Azure + Cloud) more than offset it. Next up: $GOOG. If Google Cloud and CapEx confirm the same story, the AI infra trade gets even hotter.