Cloud · AI infrastructure · In-house silicon (TPU)
Alphabet (Google)
Big-tech operator of Search, YouTube, Android and Google Cloud. FY2025 revenue was $402.8B (+15%) and net income $132.2B. To expand AI data centers it raised cash capex from $52.5B to $91.4B in one year and guided 2026 to $175-185B. It co-designs its own TPU (Ironwood) with Broadcom and builds it at TSMC, while also buying Nvidia GPUs in volume. A key demand sink for AI chips.
GOOGL Updated Jul 12, 2026 5 AI consumers· 5 recurring
Per the valuechain.wiki graph, Alphabet (Google) is directly linked to 29 companies (18 supply, 10 revenue, 2 investment relationships) and reaches 75 companies within two hops; the links are backed by 38 dated sources, 7 of them primary filings (as of 2026-07-12).
Annual return · 2026-07-10'21+65.3%'22-39.1%'23+58.3%'24+36%'25+66%YTD+14.3%
Money in ▸advertising · consumers (Search · YouTube · Android)●Revenue $402.8BAnthropic●Recursion Pharmaceuticals●Google Cloud customers (enterprises · AI)◐Revenue ~$17.7BPlanet Labs◐Walmart Inc◐McDonald's◐MercadoLibre, Inc.◐Shopify◐Uber◐Costco Wholesale◐LVMH Moet Hennessy Louis Vuitton◐
Alphabet (Google)FY2025 revenue $402.8B
Financials & Segments
- Total revenue · FY2025 revenue $402.8B (+15%), net income $132.2B
- Customer concentration · Demand sink for AI infrastructure. Cash capex $91.4B (FY2025, up 74% from $52.5B); 2026 guidance $175-185B. Its own TPU (Ironwood) is co-designed with Broadcom and made by TSMC; GPUs from Nvidia (169k Hopper units in 2024). Diversifying to Intel and Samsung foundries as TSMC hits capacity.
- Segments · Google Services · Google Cloud · Other Bets
Revenue from
- advertising · consumers (Search · YouTube · Android) High confidence· Revenue $402.8B · FY2025 · 10-K annual total revenue
The demand end of the chain: Search, YouTube and Android ads plus subscriptions make up most revenue. FY2025 total revenue $402.8B. - Anthropic High confidence
Supplies 5GW of TPU cloud to Anthropic plus up to $40B investment.Confirms EN TechCrunch Published Apr 24, 2026: Google to invest up to $40B in Anthropic (cash + compute)Confirms EN Anthropic Published Apr 21, 2026: Anthropic expands Google/Broadcom partnership for multi-GW compute - Recursion Pharmaceuticals High confidence
AI drug-discovery firm Recursion uses Google Cloud as its primary cloud (since 2019, expanded 2024): GKE, BigQuery, Gemini.Confirms EN PR Newswire Published Oct 21, 2024: Recursion and Google Cloud announce expansion of partnership - Google Cloud customers (enterprises · AI) Medium confidence· Revenue ~$17.7B · Q4 2025 · quarterly revenue (run-rate $70B+)
Sells GCP and TPU compute to enterprise and AI customers. Q4 2025 revenue $17.7B (+48%), run-rate over $70B. - Planet Labs Medium confidence
Google Cloud provides Planet Labs' satellite-data storage and processing infrastructure (BigQuery etc.) under a 2021 partnership tracing back to the 2017 Terra Bella sale; in 2026 the two announced Project Suncatcher, an orbital AI datacenter demonstration. Amounts undisclosed.Mentions EN SpaceNews Published Jan 5, 2026: Planet bets on orbital data centers in partnership with GoogleConfirms EN Planet Labs Published Aug 18, 2021: Planet and Google Cloud Partner to Bring Planetary-Scale Satellite Data Analysis To Governments And Enterprises - Walmart Inc Medium confidence
Alphabet (Google) has a revenue relationship with Walmart through their AI commerce partnership and Google Cloud usage.Confirms KO The Korea Economic Daily Published Jan 12, 2026: Buy Walmart goods via Google AI: a one-stop shopping push - McDonald's Medium confidence
Alphabet's Google Cloud supplies cloud and generative-AI services to McDonald's under a 2023 strategic partnership, including the ArchIQ drive-thru system.Confirms EN PR Newswire (McDonald's, Google Cloud) Published Dec 6, 2023: McDonald's and Google Cloud Announce Strategic Partnership to Apply Generative AI Across Its Restaurants - MercadoLibre, Inc. Medium confidence
Google Cloud counts MercadoLibre as a cloud customer and is named alongside AWS as one of its largest cloud providers in the 10-K.Confirms EN MercadoLibre FY2025 Form 10-K Published Feb 25, 2026: MercadoLibre, Inc. Annual Report on Form 10-K (FY2025) - Shopify Medium confidence
Alphabet, through Google Cloud, hosts Shopify's commerce-platform infrastructure and is paid for it; Shopify's cloud spend is revenue for Google Cloud (Alphabet).Confirms EN Shopify Engineering Published Mar 26, 2018: Shopify's Infrastructure Collaboration with Google - Uber Medium confidence
Alphabet, through Google Cloud, hosts Uber's platform infrastructure under a 2023 seven-year deal and is paid for it; Uber's cloud spend is revenue for Google Cloud (Alphabet). - Costco Wholesale Medium confidence
Costco is a Google Cloud customer, running its AI and analytics platform on Vertex AI.Confirms EN Constellation Research Published Dec 15, 2025: Costco is approaching AI in a very Costco way - LVMH Moet Hennessy Louis Vuitton Medium confidence
Luxury group LVMH adopted Google Cloud for AI/ML and IT modernization under a 2021 strategic partnership.Confirms EN Google Cloud Press Corner Published Jun 16, 2021: LVMH and Google Cloud Create Strategic Partnership
Pays to
- NVIDIA High confidence· Units 169,000 (est.) · CY2024 · Omdia estimate
Buys Nvidia GPUs in volume for Google Cloud: about 169k Hopper units in 2024 (Omdia). One of Nvidia’s top-4 customers.Confirms EN heise online Published Dec 19, 2024: Microsoft buys most Nvidia accelerators (Omdia estimate) - Broadcom High confidence
Co-designs and co-develops its own TPU AI chips (Ironwood/TPU v7, next-gen 8t) with Broadcom, under an agreement running to 2031. Its biggest custom-AI-chip partner.Confirms EN TrendForce Published Nov 7, 2025: Google unveils 7th-gen TPU Ironwood with 9,216-chip superpodConfirms EN Tom's Hardware Accessed Jun 20, 2026: The custom AI ASIC state of play — Broadcom, Google TPUs, Meta MTIA - TSMC High confidence
Has its own TPU Ironwood fabricated at TSMC on N3P (192GB HBM3E); its Axion Arm CPU is also at TSMC.Mentions KO Herald Economy Published Jun 10, 2026: TSMC at capacity: Intel wins Google AI-chip foundry ordersConfirms EN TrendForce Published Nov 7, 2025: Google unveils 7th-gen TPU Ironwood with 9,216-chip superpod - Quanta Computer High confidence
Sources GB200 AI servers from Quanta. - MediaTek Medium confidence· Amount $1B · 2026 클라우드 ASIC 매출 목표(합산)
MediaTek handles I/O design and TSMC coordination on TPU v7e/v8e (alongside Broadcom) — custom-ASIC procurement chain.Confirms EN TrendForce Published Dec 15, 2025: TrendForce — MediaTek secures Google v7e/v8e TPU orders; 7x CoWoS request to TSMC - SK hynix Medium confidence
Supplies HBM3E (192GB) for TPU Ironwood and data-center memory (supplier/volume undisclosed).Confirms EN TrendForce Published Nov 7, 2025: Google unveils 7th-gen TPU Ironwood with 9,216-chip superpod - Marvell Medium confidence
Cited as a custom-AI-silicon customer (its main custom partner is Broadcom); attribution kept cautious.Mentions KO Herald Economy Published Jun 10, 2026: TSMC at capacity: Intel wins Google AI-chip foundry orders - Intel Medium confidence
Outsources part of next-gen TPU volume to Intel Foundry as TSMC hits capacity; a share of an estimated 6M TPUs in 2027-2028 goes to Intel.Confirms KO Herald Economy Published Jun 10, 2026: TSMC at capacity: Intel wins Google AI-chip foundry orders - Samsung Electronics Medium confidence
Buys HBM/DRAM from Samsung for TPUs and datacenters (60%+ of Google TPU HBM); also evaluating Samsung 2nm foundry for next-gen TPU (not finalized).Mentions KO Financial Post Published Jan 15, 2026: Samsung Foundry favored for Google’s 10th-gen TPU on 2nmConfirms KO Seoul Economic Daily Published Jan 10, 2026: Samsung favored for Google next-gen TPU; supplies 60%+ of TPU HBM - Alchip Technologies Medium confidence
Purchases AI custom ASIC design and production from Alchip. - Foxconn (Hon Hai) Medium confidence
Orders AI racks for Google Cloud (Foxconn-assembled). - Arista Networks Medium confidence
Buys AI datacenter Ethernet switches from Arista Networks. - TeraWulf Medium confidence
Google backstops AI compute via Fluidstack. - Wiwynn Medium confidence
Supplies cloud servers to Google (Wiwynn ODM). - Eaton Medium confidence
Sources datacenter power/UPS from Eaton. - Schneider Electric Medium confidence
Sources datacenter power/cooling from Schneider.Confirms EN DCD Published Sep 1, 2025: Schneider co-develops GB200 NVL72 reference design with NVIDIA - GE Vernova Medium confidence
Sources datacenter power/grid gear from GE Vernova.Confirms KO ValueDeepDive Published Jan 1, 2026: You can buy GPUs but not electricity — GE Vernova analysis - NextEra Energy Medium confidence
Carbon-free datacenter power from NextEra nuclear.Confirms EN BIC Magazine Published Jan 1, 2026: NextEra eyes nuclear expansion as datacenter pipeline grows
Investors
- Berkshire Hathaway High confidence· equity stake 16.63$B · 57,835,013 shares
Berkshire is a new Alphabet shareholder, Buffett's only hyperscaler bet after avoiding AI.
Investments
- Anthropic High confidence
Google invests up to $40B in Anthropic (cash + TPU).Confirms EN TechCrunch Published Apr 24, 2026: Google to invest up to $40B in Anthropic (cash + compute)
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Shopify | lead2 | +21.7 | -74.8 | +124.4 | +36.5 | +51.4 | -23.9 |
| Planet Labs | lead1 | · | -29.3 | -43.2 | +63.6 | +388.1 | +32.1 |
| Costco Wholesale | lead1 | +51.8 | -19 | +49 | +39.6 | -5.4 | +6.6 |
| Walmart Inc | lead1 | +2 | -0.5 | +12.9 | +74 | +24.5 | +2.6 |
| MercadoLibre, Inc. | lead1 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -8 |
| Uber | lead1 | -17.8 | -41 | +149 | -2 | +35.5 | -8.8 |
| McDonald's | lead1 | +27.8 | +0.5 | +15.1 | +0.1 | +7.9 | -9 |
| LVMH Moet Hennessy Louis Vuitton | lead1 | +46.6 | +12.7 | -1.8 | -7.3 | -20.4 | -9 |
| Recursion Pharmaceuticals | lead1 | · | -55 | +27.9 | -31.4 | -39.5 | -13 |
| Alphabet (Google) | node | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| Intel | benef1 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +197.7 |
| Marvell | benef1 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| TeraWulf | benef1 | +77.1 | -95.5 | +258.2 | +135.8 | +103 | +91.2 |
| Arista Networks | benef1 | +97.9 | -15.6 | +94.1 | +87.7 | +18.5 | +42.7 |
| Alchip Technologies | benef1 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +34.7 |
| Quanta Computer | benef1 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +33.4 |
| Broadcom | benef1 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| NVIDIA | benef1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| NextEra Energy | benef1 | +23.4 | -8.5 | -25.3 | +21.5 | +15.5 | +11.1 |
| Foxconn (Hon Hai) | benef1 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +10.9 |
| Berkshire Hathaway | benef1 | +29 | +3.3 | +15.5 | +27.1 | +10.9 | -1.8 |
| AT&S | benef2 | +57.5 | -22 | -27.6 | -41.3 | +188.9 | +390.3 |
| Kioxia | benef2 | · | · | · | · | +1082.1 | +260.5 |
| Micron Technology | benef2 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +243.3 |
| Murata Manufacturing | benef2 | -14 | -11.7 | +24.7 | -16.5 | +29.9 | +217.4 |
| United Microelectronics (UMC) | benef2 | +43.2 | -40.3 | +39.2 | -19 | +28.8 | +215.1 |
| Nan Ya PCB | benef2 | +110.6 | -46.7 | -0.5 | -38.3 | +188.2 | +213.4 |
| ASE Technology | benef2 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +167.6 |
| Nebius Group | benef2 | · | · | · | · | +202.2 | +162.4 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +148.2 |
| Ibiden | benef2 | +30.4 | -19.6 | +51.6 | -38.6 | +261 | +147.1 |
| SK hynix | benef2 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Unimicron | benef2 | +133.5 | -30.2 | +35.2 | -19.7 | +175.7 | +131.6 |
| Corning | benef2 | +5.9 | -11.6 | -1.2 | +60.6 | +87.8 | +118.8 |
| Lumentum | benef2 | +11.6 | -50.7 | +0.5 | +60.1 | +339.1 | +117.6 |
| Samsung Electronics | benef2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| onsemi | benef2 | +107.5 | -8.2 | +33.9 | -24.5 | -14.1 | +77.2 |
| Coherent | benef2 | -10 | -48.6 | +24 | +117.6 | +94.8 | +75.8 |
| Eoptolink | benef2 | -10.1 | -27.7 | +136.6 | +197 | +368.8 | +74.9 |
| InnoLight | benef2 | -30.7 | -18.3 | +253.7 | +12 | +468.1 | +68.8 |
| Keysight Technologies | benef2 | +56.3 | -17.2 | -7 | +1 | +26.5 | +58.5 |
| Quanta Services | benef2 | +59.5 | +24.6 | +51.7 | +46.6 | +33.7 | +56.1 |
| Delta Electronics | benef2 | -3.4 | +10.4 | -0.3 | +59.2 | +183.8 | +54.9 |
| Monolithic Power | benef2 | +35.5 | -27.8 | +79.8 | -5.6 | +54.5 | +49.8 |
| Analog Devices | benef2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +46.7 |
| TSMC | benef2 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| ABB | benef2 | +23.9 | +7.3 | +18.9 | +39 | +36.1 | +27.2 |
| Williams Companies | benef2 | +38.4 | +32.8 | +11.9 | +62.3 | +14.9 | +26.6 |
| Pegatron | benef2 | -5.9 | +0.6 | +35.3 | +21.2 | -23.8 | +24 |
| Luxshare Precision | benef2 | -11.9 | -30.2 | -21.2 | +58.8 | +29.3 | +20.6 |
| Digital Realty | benef2 | +30.7 | -41 | +39.9 | +35.9 | -10.1 | +18.2 |
| Amphenol | benef2 | +34.9 | -12 | +31.5 | +41.3 | +96.1 | +18.1 |
| Apple | benef2 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +16.2 |
| Nikon | benef2 | +46.2 | +10.9 | +23.1 | +13.7 | +19.7 | +15.9 |
| FANUC | benef2 | -16.5 | +4.4 | -8.1 | +15.6 | +37.7 | +15.3 |
| Wistron | benef2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +14.8 |
| Toppan Printing | benef2 | +49.3 | -2.1 | +99.1 | +8.1 | +10.7 | +9.9 |
| Mitsubishi | benef2 | +52.5 | +15.9 | +84.1 | -0.3 | +70.2 | +8.7 |
| Amazon | benef2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +6.3 |
| Cameco | benef2 | +63.2 | +4.3 | +90.5 | +19.5 | +78.4 | +4.9 |
| King Yuan Electronics (KYEC) | benef2 | +26.7 | -7.7 | +132.4 | +38.6 | +171 | +4.2 |
| BlackRock | benef2 | +29.4 | -20.4 | +17.9 | +29.3 | +6.6 | -2.1 |
| Itochu | benef2 | +25.6 | +17.9 | +66.6 | +9.1 | +40.8 | -3.4 |
| Mobileye | benef2 | · | · | +23.6 | -54 | -47.6 | -8.5 |
| TE Connectivity | benef2 | +35.1 | -27.7 | +24.6 | +3.5 | +61.1 | -11.3 |
| Recursion Pharmaceuticals | benef2 | · | -55 | +27.9 | -31.4 | -39.5 | -13 |
| Rigetti Computing | benef2 | · | -92.9 | +35.1 | +1449.2 | +45.2 | -25.3 |
| BYD Electronics | benef2 | -56.1 | +16 | -0.4 | +60.6 | -19.4 | -34.4 |
| UBTech Robotics | benef2 | · | · | · | -21.6 | +95.4 | -39.2 |
YTD as of 2026-07-10 · source: Yahoo Finance
Alphabet's thesis is an ad cash-machine self-building AI infrastructure as the terminus of demand. Search and YouTube ads produced FY2025 revenue of $402.8B and net income of $132.2B, funding overwhelming cash that pushed AI-datacenter capex from $52.5B to $91.4B in a year and to $175-185B guided for 2026 — that spend is where value-chain demand terminates. Differentiators are its own TPU (co-designed with Broadcom, built at TSMC) cutting NVIDIA dependence while still buying GPUs in bulk, and Cloud turning profitable (Q4 +48%, $70B+ run-rate). Risks are capex return (ROIC), AI eroding search ads, and regulation. Graph propagation: this node is a hub — two-way links to dozens of nodes across TPU (Broadcom, TSMC, Samsung, SK hynix), servers/power (Foxconn, Eaton, Schneider, GE Vernova, NextEra) and cloud revenue (Anthropic, Uber, Shopify and more).
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 4 · Hold 1 · Sell 0 · Avg. target $428 · Price $357.18 (07-10) · Upside +20%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Wells Fargo · Ken Gawrelski | Overweight | $416 | Jul 2, 2026 | Report ↗ |
| Morgan Stanley · Brian Nowak | Overweight | $415 | Jun 30, 2026 | Report ↗ |
| Bank of America · Justin Post | Buy | $430 | Jun 30, 2026 | Report ↗ |
| UBS · Stephen Ju | Neutral | — | May 20, 2026 | Report ↗ |
| Goldman Sachs | Buy | $450 | Apr 30, 2026 | Report ↗ |
Trims target to $416 from $435 but keeps its Overweight rating.