The year 2025 holds significant symbolic value for Google. Following the market's closure on February 4 (Eastern Time), Google's parent company, Alphabet, unveiled its financial results, showing that its annual revenue exceeded $400 billion for the inaugural time, hitting $402.84 billion. This surge was predominantly fueled by Google Cloud, which witnessed a 48% year-on-year revenue hike in the fourth quarter, surpassing analysts' projections. Concurrently, the search business sustained its growth trajectory, bolstered by AI. Google's AI offerings are advancing seamlessly in their commercialization journey and have established a partnership with Apple. Nevertheless, beneath these remarkable achievements lies substantial capital investment. Capital expenditure almost doubled in the fourth quarter of 2025, and it is anticipated to climb to a range of $175 billion to $185 billion in 2026. This has sparked concerns among investors and led to stock price volatility after the earnings announcement. To strike a balance between investment and profitability, Google is rolling out efficiency enhancement initiatives. In the long haul, the capital expenditure race could potentially reshape the tech industry's landscape. Despite Google's strengths, such as streamlining non-core operations, expediting TPU updates, and constructing a 'model-as-a-platform' ecosystem, it will still confront a multitude of challenges in the years ahead.