Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTVandita JadejaSun, August 2, 2026 at 6:00 PM GMT+2 4 min readQuick ReadNVDA posted 85% revenue growth to $82B while GOOG grew 24% to $120B, exposing two distinct AI business models from the same tailwind.Alphabet suspended buybacks, doubled long-term debt to $98B, and guided $180-190B in capex, driving free cash flow negative at -$5.86B.NVIDIA's 75% gross margins and 41x P/E look defensible against 85% growth; Alphabet at 15x P/E offers ad cash flows as a capex-fatigue cushion.Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now.NVIDIA (NASDAQ:NVDA) and Alphabet (NASDAQ:GOOG) both reported quarters that reshape how investors should think about AI leadership.24/7 Wall St.NVIDIA delivered $81.615 billion in revenue, up 85.23%. Alphabet pulled in $119.80 billion, up 24.2%. Same tailwind, very different business models, and the results expose the split.Data Center Explodes for NVIDIA. Cloud Accelerates for Alphabet.NVIDIA's Data Center segment hit $75.25 billion, up 92%, with networking alone growing 199% on InfiniBand, NVLink, and Spectrum-X demand.Jensen Huang framed it plainly: "The buildout of AI factories, the largest infrastructure expansion in human history, is accelerating at extraordinary speed." Guidance for Q2 lands at $91 billion, and notably excludes any China Data Center compute revenue.NVDA Price Target — 24/7 Wall St.Alphabet's headline was Google Cloud reaching $24.77 billion, growing 82%. Sundar Pichai emphasized adoption: "Nearly 90% of the Fortune 100 using it" referring to Gemini Enterprise, while Gemini models process 22 billion API tokens per minute. Search advertising still funds the whole machine at $63.27 billion, up 17%.GOOG Price Target — 24/7 Wall St.Picks and Shovels vs. Full Vertical StackNVIDIA sells the compute. Alphabet builds on it, and also buys it. Pichai even said Google Cloud will be "among the first to offer NVIDIA Vera Rubin NVL72", which makes GOOG both a customer and a competitor thanks to its own TPUs. That vertical integration is the pitch: "We're unique in the market because of our vertically optimized AI stack."Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now.Business DriverNVIDIAAlphabetMain Growth EngineData Center chips and networkingCloud plus AI-enhanced SearchOperating Margin60.4%32.1%YoY Revenue Growth85.23%24.2%NVIDIA hiked its dividend from $0.01 to $0.25 and authorized $80 billion in buybacks. Alphabet went the other direction, suspending buybacks and raising roughly $70 billion in debt and equity to fund a capex plan now guided to $180-190 billion for 2026. Free cash flow at GOOG turned negative at -$5.86 billion. That is the cost of racing to own the stack.Terms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info