From the article:

The Silicon Valley giant, which has shelled out billions to develop cutting-edge A.I. models and to build data centers that provide the computing power for the technology, said revenue for the three months that ended in June totaled $119.8 billion, up 24 percent from a year earlier. In particular, Google’s cloud business, which lets companies rent computing power and A.I. tools, surged 82 percent to $24.8 billion.

Profit rose to $112.1 billion, quadrupling from $28.2 billion a year earlier, boosted by major investments that Google has made in recent years in other A.I.-related companies like SpaceX and Anthropic. Gains tied to those investments were valued at about $99 billion, Google said, and contributed $77 billion to overall profit, especially with SpaceX going public in June.

Google also said it would spend more than it previously predicted to build data centers and other technologies for A.I. development. It estimated that spending would hit $195 billion to $205 billion this year, more than double the $85 billion last year and up from an earlier projection of $190 billion.

[...]

Demand for Google’s A.I. services has become so intense that the company cannot keep up. Google said its cloud business had a backlog of potential contracts totaling $514 billion, up from $106 billion a year ago. Over half of that backlog will be worked through over the next two years, said Anat Ashkenazi, Google’s chief financial officer.