Google Q3 2025 Post-Mortem: AI Execution Over AI Hype

Post Mortem

In this episode of Around the Desk, Sean Emory, Founder & CIO of Avory & Co., breaks down why investors are rewarding Google’s spending while punishing others, and how its strategy from TPUs to Gemini shows real ROI in the new compute era.

We cover:
• Revenue acceleration across Search, YouTube, and Cloud (+15% to +34%)
• Gemini’s rapid growth to 650M users, 300M paid
• Why CAPEX to $93B is seen as productive, not reckless
• Anthropic’s commitment to TPUs and the growing Cloud backlog (+46%)
• How AI integration is lifting engagement and monetization
• Why Google’s AI flywheel looks more efficient than peers

Disclaimer

Avory is an investor in Alphabet

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