Google parent Alphabet plans to spend $10 billion more in capital expenditures this year than previously anticipated as the company works to meet surging demand for Google Cloud.

Alphabet on Wednesday cited massive demand for its cloud computing services as it hiked its capital spending plans for the year to about $85 billion and predicted a further increase next year. The sea

Search giant Alphabet strongly beat estimates for quarterly revenue and profit on the back of new AI features and a steady digital advertising market.