The $112 Billion Quarter
Google Cloud grew 63% year-over-year in Q1 2026. Amazon Web Services posted 28%. Microsoft Azure hit 40%. All three are exceptional. Only one hit 63%.
The divergence is striking. AWS & Azure resell compute. Google bundles compute with its own models. Whether that explains the full gap is unclear, but the structural advantage is not : Google owns Gemini & TPUs top to bottom, with no licensing fees to OpenAI or Anthropic. Its growth may be more profitable too.