When investors talk about Alphabet (NASDAQ: GOOGL), the conversation usually starts with Search and advertising. But there's a growing argument that Google Cloud is becoming the most important part of the Alphabet story, and the numbers are starting to back that up in a serious way.
The global cloud infrastructure market hit $119 billion in Q4 2025 alone, up almost 30% year over year. And when it comes to cloud infrastructure, three companies dominate the market: Amazon (NASDAQ: AMZN) with Amazon Web Services (AWS), Microsoft (MSFT: MSFT) with Azure, and Alphabet with Google Cloud. Together, they account for close to 60% of all enterprise cloud spending. But within that group, the growth trajectories are telling very different stories.
