알파벳의 구글 클라우드 백로그 4620억 달러 기록, 주목받는 매수 기회
Alphabet's Google Cloud Backlog Just Hit a Record $462 Billion. Time to Buy the Stock?
구글 클라우드의 기록적인 백로그는 강력한 성장 가능성을 시사하며, 매수 포지션을 정당화합니다.
핵심 요약
구글 클라우드의 4620억 달러 백로그는 63% 성장률로 경쟁사 대비 우세하며, 알파벳 주가 매수 기회로 주목받고 있습니다.
핵심요약
- 구글 클라우드 백로그 4620억 달러 기록, 분기 매출 200억 달러의 23배
- 연간 수익 63% 증가, AWS(28%), Azure(40%)를 크게 앞섬
- 알파벳 주가 최고점 대비 10% 하락, 매수 기회로 주목
- 구글 클라우드는 5년 내 백로그 소화 계획
도입
알파벳의 구글 클라우드 백로그가 4620억 달러에 달하며 AI 하이퍼스케일러로서의 경쟁력을 입증했습니다. 이 수치는 단순한 재무 지표를 넘어, 향후 성장 동력을 예측하는 중요한 지표입니다. 투자자에게는 구글 클라우드의 급속한 성장과 경쟁사 대비 우위라는 점에서 주목할 만한 내용입니다.
본문 1: 구글 클라우드의 급성장과 시장 점유율 확대
구글 클라우드는 분기별 매출 200억 달러를 기록하며 연간 수익 63% 증가했습니다. 이는 AWS의 28%와 Azure의 40% 성장을 크게 앞선 수치입니다. 특히, 신규 비즈니스 추가액에서 AWS에 비해 뒤지지 않는 모습을 보였습니다. 이는 구글 클라우드가 시장 점유율을 확대하면서 경쟁사와의 격차를 좁히고 있음을 보여줍니다. 향후 5년 내에 백로그를 소화할 계획인 점에서, 지속적인 성장 가능성이 높습니다.
본문 2: AI 통합 전략과 구글 클라우드의 차별화
구글 클라우드는 AI 하이퍼스케일러로서 Gemini를 포함한 대형 언어 모델을 다양한 제품에 통합하며 차별화 전략을 추진하고 있습니다. 이는 단순한 클라우드 서비스 제공을 넘어, AI 솔루션을 결합한 종합적인 서비스 제공으로 이어질 전망입니다. 이러한 전략은 구글 클라우드의 경쟁력을 강화하는 동시에, 장기적인 성장 동력을 창출할 것으로 보입니다. 특히, AI 분야에서의 선두적인 위치를 유지하는 것이 중요합니다.
결론
구글 클라우드의 급성장과 AI 통합 전략은 알파벳의 장기적인 성장 가능성을 높이는 핵심 요소입니다. 다만, 경쟁사와의 격차를 지속적으로 유지할 수 있을지, 그리고 백로그를 효과적으로 소화할 수 있을지에 대한 관측이 필요합니다. 향후 구글 클라우드의 성장이 지속될 가능성은 높지만, 시장 동향과 경쟁사 동향을 지속적으로 모니터링하는 것이 중요합니다.
Original Article
Alphabet's Google Cloud Backlog Just Hit a Record $462 Billion. Time to Buy the Stock?
Alphabet ( GOOG 0.84% ) ( GOOGL 0.85% ) is one of the primary artificial intelligence (AI) hyperscalers. Unlike some of the other hyperscalers, it's approaching this massive trend from two directions.
First, it has its own family of large language models, led by Gemini. It has integrated this model throughout various products (like Google Search) and is among the most popular generative AI models out there. Second, it has a thriving cloud computing business in Google Cloud. Google Cloud just hit a $462 billion backlog, which is massive compared to its past 12 months of revenue.
I think this is as compelling a reason as any to buy the stock, as the growth implied by this backlog is massive. With Alphabet's stock down around 10% from its all-time high, now may be the perfect time to buy shares.
Image source: The Motley Fool.
Google Cloud is a top reason to buy Alphabet's stock
During Q1, Alphabet's Google Cloud quarterly revenue reached $20 billion. So, at this mark, it will take about 23 quarters to churn through the $463 billion backlog. However, Google has no plans to let that backlog last for more than five years. Google Cloud is rapidly growing, and it has increased its revenue at a jaw-dropping 63% year over year. Compared to other cloud computing firms , this is a far greater growth rate.
Amazon 's Amazon Web Services (AWS) grew at a 28% clip and added $8.3 billion in new business. Google Cloud added $7.8 billion. So, just because Google Cloud is trailing the industry leader right now in overall size, it doesn't mean that it isn't adding as much new business. Microsoft 's Azure cloud platform grew its revenue at a 40% clip, but the company doesn't break out the actual revenue figures; that's still a slower growth rate than for Google Cloud.
Google Cloud has a ton of momentum, and it's planning on carrying that into the next few years as it churns through the backlog. It is spending a massive amount of money on data center capital expenditures and recently bumped its 2026 guidance to spend between $180 billion and $190 billion this year. Demand for AI computing power has never been higher, and Alphabet is spending big to make sure that it has the capacity that its clients want. While 2026's expenditures are massive, Alphabet's management team noted in the call that 2027's capital expenditures will be "significantly" higher.
While some investors may be concerned about the spending, I am not. As Amazon's CEO, Andy Jassy, pointed out in its shareholder letter, the faster a cloud computing business grows, the more it must spend on infrastructure to support the growth. This indicates that Google Cloud's growth rate will likely accelerate as more computing capacity comes online, further strengthening the bull argument for Alphabet's stock.
With Google Cloud easily being the fastest-growing part of Alphabet's business, it will continue to capture a greater share of quarterly revenue, transforming Alphabet from an advertising-first business to a more balanced one. That's a welcome change for investors, as cloud revenue is steadier versus advertising, which can go up and down based on economic cycles.
But is Alphabet still a solid buy now?
Alphabet's stock has gone on an incredible run over the past year
Alphabet's stock has more than doubled over the past year, and some of that was due to its rise from an absurdly low valuation. That's no longer the case, as Alphabet trades for about 26 times forward earnings.
GOOG PE Ratio (Forward) data by YCharts
While that may be a historically expensive mark for Alphabet, it's still in line with where other tech giants are trading right now. With Alphabet's transformation from an advertising-focused business (which usually traded at a discount due to the cyclical nature of the industry) to a cloud company, I think this valuation level is appropriate, and investors can confidently buy Alphabet's stock today with expectations of outperforming the market over the next five years.