Google Cloud's accelerating growth, Gemini adoption, and $514B backlog provide substantial AI-driven revenue visibility for Alphabet, with more than half of the backlog expected to convert within 24 months. Commercial TPU deployments could create a major incremental revenue stream from 2027, while improving Alphabet's revenue return on AI infrastructure spending. EU Digital Markets Act remedies may weaken European Search engagement and ad conversion, while fines and follow-on litigations are other risks to watch.
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