Alphabet has transformed from an asset-light tech company into an infrastructure powerhouse. PP&E grew from $34.2B in 2016 to $321.2B in 2026, with $247.2B tied to technical infrastructure such as servers and data centers. As AI drives massive capital spending into infrastructure, Google, and peers like Amazon and Meta, are becoming more capital-intensive businesses, potentially meaning slower growth and more moderate valuation multiples.
Source: Alphabet’s 2016 10K, June 2026 10-Q
This graph was produced by Lucas Juery, CFA, CFPⓇ and is not intended to provide financial advice
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