Episode Details

Google just dropped a bombshell, and it comes with a $180 billion price tag. In this episode, Susie and Miro unpack Alphabet’s Q4 2025 numbers, where a "tremendous" revenue beat and a massive surge in Cloud profitability were overshadowed by one eye-watering piece of guidance: a plan to nearly double CapEx in 2026. 🏗️

We dig into the paradox of a CEO who admits the company is "supply constrained" while simultaneously writing the biggest infrastructure checks in history. Is this a defensive moat or a money pit? We also break down the bizarre $2.1 billion "Waymo tax" (where success actually hurt the bottom line), the explosion in Cloud backlog, and the looming "depreciation cliff" that threatens to weigh on margins for years to come.

Join us for a breakdown of high-stakes corporate poker, where the buy-in is the GDP of a small country. 🎲