The AI boom drives the rise of cloud business, with Google's revenue soaring.

Jin10 data reported on October 30, Alphabet (GOOG.O), the parent company of Google, announced its third-quarter results, with revenue rising 16% year-on-year to a record $102.3 billion, exceeding analyst expectations. Thanks to the growth of digital advertising and cloud computing businesses, the company has provided ample funding for large-scale investments in artificial intelligence. Net profit was approximately $35 billion, a year-on-year increase of 33%. The company's stock price rose about 7% in after-hours trading. Like other tech giants, Google is investing hundreds of billions of dollars in AI research and development. The company has raised its capital expenditure forecast for this year to between $91 billion and $93 billion, a significant increase compared to $52.5 billion in 2024. Most of this funding will be used to build data centers for developing and running AI models. Google's cloud computing division has significantly benefited in the AI race, with revenue for the quarter reaching $15.2 billion, a year-on-year increase of 34%.