Alphabet Has $514 Billion in Cloud Orders. Here’s What Matters More Than That Number on Oct. 28.

Alphabet's Google Cloud backlog reached $514 billion, demonstrating strong AI demand. However, investors should focus on cloud margins, capital expenditure efficiency, and Search revenue growth when the company reports Q3 earnings on Oct. 28, rather than the backlog figure alone. The company faces margin pressure from third-party capacity usage and massive capex spending, but its profitable advertising business and AI investments position it well long-term.