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00:02Alphabet said Wednesday it is targeting capital expenditures of $175 billion to $185 billion this
00:10year as it ramps up spending to advance its artificial intelligence efforts, according to
00:15Reuters. Analysts had expected average capital spending of $115.26 billion, according to LSEG
00:22data. Google Cloud revenue rose 48% to $17.7 billion in the fourth quarter ended December,
00:28above expectations for a 35.2% increase. Google Cloud continues to face capacity constraints as
00:35it invests to meet AI demand. Alphabet and its major cloud rivals are expected to spend more than $500
00:41billion on AI this year. The company cited strong momentum from its Gemini AI products,
00:47including wide user adoption and a recent partnership with Apple to Power Siri.
00:51For all things money, visit Benzinga.com.
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