At present, institutions (from at least the sell-side perspective) are very demanding about Google’s earnings report. They want Google’s free cash flow to grow significantly, and they also want Google Cloud revenue to be at least in line with Q1 growth (65%+). On top of that, they want Google not to slow down Capex, and they even don’t want it to express any intention to slow down.

But I think tonight’s earnings report will most likely satisfy all the expectations above in full.
1⃣ The prior equity financing proved its CapEx willingness.
2⃣ For cloud computing, the data for Q1 and Q2 in 2025 are $12.3 billion and $13.6 billion, respectively. So the Q2 base isn’t much higher than Q1. I believe it will most likely exceed a growth rate of 63%.
Let’s pray for Google together tonight. This time, the most interesting part is that people are not actually betting on Google’s report; they’re betting on the semiconductor 😂 instead—the one who pays is the daddy.