Google: Cloud business "surges" past competitors, but the 190 billion capital expenditure is the real gamble
① **Cloud business surpasses $20 billion for the first time, growth rate crushes AWS and Azure**: Google Cloud revenue grew 63% year-on-year to $20 billion, operating margin soared from 17.8% to 32.9%, far outpacing AWS's 28% and Azure's 40%. Backlog orders doubled quarter-over-quarter to $462