According to CoinMeta, the growth of Google's stock currently depends on the plan to spend approximately $200 billion this year on AI infrastructure. This figure has influenced almost all forecasts regarding Google's stock this month. Although GOOGL's stock has risen by 69.2% in the past 12 months, the current stock price is still about 14.5% below its 52-week high. Alphabet spent $44.9 billion on capital expenditures in the second quarter, which accounted for 29.7% of revenue, far higher than the historical average of 12.2%. Google Cloud's revenue increased by 82% year-over-year, and there is a backlog of cloud orders amounting to $514 billion, with half of which is expected to be converted into revenue within two years.