Alphabet says Google Cloud grew 82% on AI demand and it raised $49.6 billion in equity

In its second-quarter results on 22 July 2026, Alphabet said Google Cloud revenues increased 82% to $24.8 billion, led by growth in enterprise AI solutions and AI infrastructure as well as core cloud services. CEO Sundar Pichai tied the acceleration to demand for AI infrastructure and AI solutions and said Gemini models now process 22 billion API tokens per minute. The release also says Alphabet raised $49.6 billion of net proceeds from stock and mandatory convertible preferred stock in June, to be used for general purposes including capital spending to scale AI infrastructure and global compute. We file this because the company ties its results to AI, and names AI infrastructure as one example of its use. How we read it: AI is driving cloud growth and the build-out is being paid for with very large equity raises. What would change this: cloud growth slowing back to earlier levels. Why it matters to you: it shows how much capital the biggest firms need to supply AI computing.