Google Cloud generated $30.71 billion in revenue in the third quarter of 2026, up 103% year over year, while Microsoft’s Azure division grew 48%, with approximately $33.17 billion in revenue. Microsoft also reported $10 billion in revenue linked to its arrangements with OpenAI, which remains a major customer but also competes with it in several markets. This growth comes with heavy spending: Alphabet spent $51.36 billion on AI infrastructure and recorded negative free cash flow of $9.07 billion. Anthropic has committed at least $114.5 billion to Google, approximately $110 billion to Amazon and $44.9 billion to Microsoft, while Alphabet, Microsoft, Amazon and Meta are collectively expected to spend more than $700 billion on AI infrastructure in 2026.
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