Alphabet Has $514 Billion in Cloud Orders. Here's What Matters More Than That Number on Oct. 28.

Alphabet’s Google Cloud is carrying a backlog of $514 billion, representing customer contracts not yet recognized as revenue, according to the article. While the figure signals strong demand for AI computing power, the piece argues investors should focus on metrics during Alphabet’s third-quarter earnings on Oct. 28 after market close. It highlights cloud margins, noting Alphabet expects slight margin pressure because it remains supply-constrained and plans to use third-party capacity in the quarter. It also points to capital spending and free cash flow: capex neared $45 billion in the latest quarter, with free cash flow negative at $5.9 billion, and Alphabet raised its 2026 capex forecast to $195–$205 billion. Search is listed as another watch item.