Bloomberg Intelligence Alphabet Plans Record Spending in Race to Win AI Customers
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Feb 5, 2026 
Deborah Aitken, luxury goods analyst in London, offers quick takes on Estée Lauder and travel-retail trends. Kunjan Sobhani, senior semiconductor analyst, explains Qualcomm’s weak handset outlook and memory constraints. Mandeep Singh, global tech research head, breaks down Alphabet’s record AI data center spending and what it means for cloud and hyperscaler suppliers.
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AI Data Centers Imply Sustained CapEx
- Data center spending for AI has a depreciation/replacement cycle, implying ongoing capex needs.
- Mandeep expects Google Cloud to keep accelerating as built capacity comes online and gains share versus peers.
Gemini Drives Engagement And Click Growth
- Gemini and other AI products are driving increased engagement and search clicks despite ChatGPT competition.
- Google counts 750 million standalone Gemini app users, which supports monetization plans via subscriptions.
Monetize AI With Subscriptions First
- Do monetize AI consumer products carefully to preserve user experience; subscriptions can replace ads.
- Mandeep says Google will prioritize subscriptions and delay ads rollout on Gemini.