The market has been utterly overturned. This is due to the ‘historic earnings’ of Google (Alphabet) in Q3 2025, a company that quietly proved its numbers amidst doubts of “Is this a bubble?” Some are cheering this surging stock price, while others are anxious, wondering, “Should I buy now?” or “It’s too high; I’m scared.”
But today, Oing will not treat this phenomenon as a simple stock news story. This is not just a victory of numbers. It is the most powerful and cold-hard signal of how the massive wave of Artificial Intelligence (AI) is no longer a ‘future dream,’ but is sweeping up ‘real money’ right now.
We must read the essence of the capitalist market within this signal. And most importantly, we must find the practical answer to what ‘I’ must execute in this great vortex of change.
1. The Numbers are a Shock: “Is This Even Possible?” Google’s Warning Becomes Reality
We often try to judge the market based on ‘feelings’ or ‘atmosphere.’ However, large capital and the market operate only on numbers as cold as ice. Alphabet’s Q3 earnings are the most powerful ‘fact’ itself, surpassing any flowery rhetoric.
- Revenue: $100.3 Billion: A historic high. It easily surpassed market expectations ($99.9 billion).
- Earnings Per Share (EPS): $2.87: This is the real ‘shock.’ The number predicted by smart analysts on Wall Street was a mere $2.26. This means Google actually earned a profit that exceeded their forecast by a whopping 27%.
The result was immediate. Despite already having risen over 40% year-to-date, the stock price surged more than 6% in after-hours trading. This is not merely ‘strong performance.’ It is Google answering with numbers, ‘YES,’ to the question the market so heavily doubted: “Does pouring that astronomical amount of money into AI actually pay off?”
This offers us a chilling lesson. While we were vaguely discussing and watching, thinking ‘AI is cool’ or ‘I tried ChatGPT,’ Google was completing AI into a ‘profit engine’ that actually earns money within the capitalist system.
2. The AI Money Printer: How Exactly is Google Earning Money?
Many still wonder, “So how does AI translate into money? Isn’t it just a chatbot service?” Google clearly revealed its business model through these earnings. The core lies in two areas: (1) Selling the ‘infrastructure’ for the AI era, and (2) Making their existing ‘core businesses’ even stronger with AI.
(1) Selling the ‘Electricity’ of the AI Era: Google Cloud
The most surprising growth came from Google Cloud (GCP). Q3 revenue surged a remarkable 34% year-over-year, exceeding market expectations by $1 billion.
The reason is simple: The world is currently in an ‘AI Gold Rush.’ Countless AI startups, like Anthropic (the creator of the powerful ChatGPT competitor, Claude AI), are desperately competing to develop smarter models.
And training these high-performance AI models requires immense computing power, or ‘processing capability.’ Google lends them its powerful weapon: the self-developed AI chip called TPU (Tensor Processing Unit).
This is like selling jeans or pickaxes to the gold miners during the Gold Rush. No, it’s more fundamental than that. Google is running the business of supplying the very ‘electricity’ essential for operating the AI factory. The large-scale TPU supply contract with Anthropic is a prime example.
Even scarier is the ‘profitability.’ The operating profit margin in the Cloud segment soared from 17% last year to 24% this year. They realized the most ideal business—earning money while keeping more of it—through AI.
(2) The Home Base Grew Stronger: Search and YouTube
At one point, the market was filled with fear that ‘Generative AI like ChatGPT would finish off Google Search.’ This was a death sentence for Google, which thrives on search advertising. But what was the reality?
Google’s heart, the Search division, grew revenue by 14.5%, easily surpassing the pessimistic market forecast (9-11%).
There’s a more interesting fact. When Google introduced the AI Overview feature at the top of search results, it actually led to a positive effect of increasing the overall search volume. Users started asking deeper, longer, and more complex questions when conversing with AI. This means more new advertising opportunities emerged. Google’s AI chatbot ‘Gemini’ app exceeded 650 million monthly active users, and the number of queries tripled compared to the last quarter.
YouTube is the same. It grew by 15%, exceeding expectations. AI expertly targets users’ preferences to recommend the next video and accurately targets ads. A point of note is that ‘YouTube Shorts’ are now generating higher revenue per viewing hour than traditional video ads.
In the end, AI was not a Disruption that threatened Google’s existing business. Instead, it perfectly served as an ‘Enhancer’ that upgraded the powerful existing empire into a more efficient and formidable ‘profit engine.’
3. If the Light is Too Bright, the Shadow is Long (The Risks)
Of course, Oing is grounded in reality. Behind all these rosy stories lies a huge shadow, or risk, that we must be aware of.
(1) The Astronomical ‘War of Capital’
All this growth doesn’t come for free. Google increased its AI-related Capital Expenditure (CapEx)—the cost of building data centers and buying servers—from the planned $85 billion to a maximum of $93 billion (approx. 120 trillion KRW) this year. And they foreshadowed an even ‘larger increase’ in investment next year.
This is literally a ‘war of capital.’ It is an ‘All-in’ strategy, pouring everything into seizing hegemony in the AI era. If this massive investment doesn’t return the expected profit, it poses an enormous financial burden that could shake even this giant. This is the frontline of modern capitalism: the sheer size of the risk that must be taken for a winner-takes-all outcome.
(2) The Unfinished Shackle of ‘Regulation’
No matter how excellent the technology is, the capitalist system moves within the framework of ‘law’ and ‘regulation.’ The label constantly attached to Alphabet is the ‘Antitrust Risk.’
In the recent lawsuit regarding the ‘monopoly of search services,’ they avoided the worst-case scenario (such as the forced sale of the Chrome browser). They even managed to maintain the contract with Apple, where they pay $20 billion (approx. 27 trillion KRW) annually to remain the default search engine on the Safari browser.
However, the real problem is the lawsuit concerning their monopolistic position in the ‘AdTech’ (advertising technology) market. This part is still proceeding unfavorably for Google. They already lost the jury verdict, and their request for a rehearing was denied. If they lose this lawsuit and are forced to sell off parts of their AdTech business, it is a potential risk that could shake the foundation of Google’s profit model.
4. So, What Should We ‘Execute’?
Now, based on all this information, it is time to ask the most important question: “So, should I buy Google stock now?”
I cannot answer this question. All investment judgments and responsibilities rest solely with you. However, Oing wants to tell you what attitude we should adopt as ‘Economic Agents’ living in this capitalist market, based on this massive phenomenon.
This Google earnings report not only shows who the winner in the AI era will be but also clearly demonstrates the immense capital, bold execution, and tremendous risk-taking required to lead this innovation.
The core takeaway is this: AI is already profitable. It is making astronomical money right now, this very moment.
While we are anxious, thinking, ‘What if I lose my job?’ and ignoring it as a ‘distant story that has nothing to do with me,’ giant corporations like Google have already reorganized their entire systems around AI and put them into execution. And they are preemptively seizing overwhelming wealth as the price of that swift execution.
Whether we buy Google stock or not is not the essence. What is truly important is to directly face this massive flow of change and find concrete execution plans to apply to ‘my work’ and ‘my life.’
What about your work? What about your side hustle?
- Just as Google added AI to its search engine to create new advertising revenue, is there a way to add the tool of AI to ‘your core competency’ to create higher value?
- Just as Google profits from AI developers by selling infrastructure like the TPU, can you create a ‘service’ or ‘product’ that solves someone’s problem using AI?
Just as Google turned the AI engine into the ‘result’ of historic earnings, we too must turn the engine of ‘execution.’ We must prove our own value in the capitalist market and take a step toward economic freedom.
There is no time to fear or hesitate. It is time to start even the smallest execution that you can do right now.
If this post was helpful, please hit the like button and follow us!
Oing contemplates realistic side hustles and survival strategies in the capitalist structure, together with you.
#GoogleEarnings #AlphabetStock #GOOGL #AIInvestment #GoogleCloud #TPU #YouTubeShorts #USStocks #EconomicFreedom #SelfImprovement #Capitalism #OingTech #ExecutionNow