{ "generatedAt": "2026-10-10T05:54:31Z", "disclaimer": "Analysis and opinion, not investment advice.", "kind": "person", "slug": "google", "name": "Google", "role": "Research organization", "url": "https://deepstack.ltd/people/google/", "api": "https://deepstack.ltd/api/v1/entities/people/google.json", "summary": "Google appears in Part 1, Part 3, Part 4, Part 5, Part 6, Part 8, Part 9, Part 10, Part 11, Part 12, Part 13 of The Buildout. Part 1: Nvidia’s Demand Is Real. Its Financing Is Fragile.; Part 3: The Machines Will Work. The Debt Might Not.; Part 4: AI Spending Has Met Its First Real Bill; Part 5: OpenAI and Anthropic Are Not the Same Business; Part 6: Power Doesn’t Depreciate. Its Premium Moves.; Part 8: AI Lenders Are Financing the End of Scarcity; Part 9: Habit Was the Moat. Agents Are Draining It.; Part 10: The Bubble Is in the Denominator; Part 11: The Backlog Is Not the Quarter; Part 12: The Model Is Not the Price; Part 13: The Ratepayer Pays First. Argued in Part 13 (The load pays its way), Part 13 (Voices that cross sides).", "parts": [ { "part": 1, "headline": "Nvidia’s Demand Is Real. Its Financing Is Fragile.", "url": "https://deepstack.ltd/stories/nvidias-demand-insatiable-or-manufactured/" }, { "part": 3, "headline": "The Machines Will Work. The Debt Might Not.", "url": "https://deepstack.ltd/stories/the-debt-behind-the-machines/" }, { "part": 4, "headline": "AI Spending Has Met Its First Real Bill", "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/" }, { "part": 5, "headline": "OpenAI and Anthropic Are Not the Same Business", "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/" }, { "part": 6, "headline": "Power Doesn’t Depreciate. Its Premium Moves.", "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/" }, { "part": 8, "headline": "AI Lenders Are Financing the End of Scarcity", "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/" }, { "part": 9, "headline": "Habit Was the Moat. Agents Are Draining It.", "url": "https://deepstack.ltd/stories/habit-was-the-moat/" }, { "part": 10, "headline": "The Bubble Is in the Denominator", "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/" }, { "part": 11, "headline": "The Backlog Is Not the Quarter", "url": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/" }, { "part": 12, "headline": "The Model Is Not the Price", "url": "https://deepstack.ltd/stories/the-model-is-not-the-price/" }, { "part": 13, "headline": "The Ratepayer Pays First", "url": "https://deepstack.ltd/stories/the-ratepayer-pays-first/" } ], "numbers": [ { "value": "A quarter", "label": "Share of Anthropic's 2025 revenue that came from two customers", "context": "Mia Silverio of Prof G Markets, Oct 5, 2026; 47% of sales ran through Amazon and Google", "part": 12, "url": "https://deepstack.ltd/stories/the-model-is-not-the-price/" } ], "mentions": [ { "part": 1, "section": "Lede", "excerpt": "In late May, Apollo was raising $38 billion of debt to put Google’s TPUs, not Nvidia’s GPUs, behind Anthropic.", "url": "https://deepstack.ltd/stories/nvidias-demand-insatiable-or-manufactured/" }, { "part": 1, "section": "Private credit, public appetite", "excerpt": "In early June, writing about Google’s decision to rent GPUs, he pointed to a revealing price: Google paid roughly double the market rate for Nvidia hardware while its own, cheaper TPUs sat available.", "url": "https://deepstack.ltd/stories/nvidias-demand-insatiable-or-manufactured/" }, { "part": 1, "section": "Long the chips, short the returns", "excerpt": "If Google is willing to pay roughly double, if Broadcom’s orders exceed shipments by a wide margin, and if customer-wide visibility lasts a year, then scarcity is not a financing mirage.", "url": "https://deepstack.ltd/stories/nvidias-demand-insatiable-or-manufactured/" }, { "part": 3, "section": "Demand has teeth", "excerpt": "AWS’s backlog stands at $496 billion, Microsoft’s commercial commitments at $678 billion and Google Cloud’s at $514 billion.", "url": "https://deepstack.ltd/stories/the-debt-behind-the-machines/" }, { "part": 4, "section": "Arithmetic sets the test", "excerpt": "Prof G Markets tallied the immediate bill: Amazon, Google, Microsoft and Meta spent $165 billion on capital spending in three months, up 87 percent from a year earlier and 393 percent from three years earlier.", "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/" }, { "part": 4, "section": "The tape picks winners", "excerpt": "Google grew cloud 82 percent and search 17 percent, yet its stock fell because capital spending ate the free cash flow.", "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/" }, { "part": 5, "section": "Cheap intelligence arrives", "excerpt": "Deepvalue Capital says Alibaba’s models passed 3bn downloads, ahead of Meta and Google, while compute stays tight and the price per token keeps falling.", "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/" }, { "part": 6, "section": "The megawatt premium", "excerpt": "Google opened an investor call on its energy strategy with access to power.", "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/" }, { "part": 8, "section": "A shortage with a price", "excerpt": "Ren points to the income statements: Azure grew 43%, Google Cloud 82% and AWS 37%, its fastest pace in eighteen quarters.", "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/" }, { "part": 9, "section": "Habit is not a moat", "excerpt": "Booking already appears in 61% to 70% of AI travel recommendations, he writes, while transactional searches remain with Google.", "url": "https://deepstack.ltd/stories/habit-was-the-moat/" }, { "part": 10, "section": "Who writes the checks", "excerpt": "Two customers supplied almost 25% of Anthropic’s 2025 revenue, and Amazon and Google channels carried 47% of its sales.", "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/" }, { "part": 11, "section": "Funded, not forecast", "excerpt": "Burry's September 28 list is of a different guarantee: the residual-value guarantees that Nvidia, Oracle and Google Cloud now give on chips, not because they want to, he argues, but because lenders require them for an asset that lost 51% of its value in its first three years.", "url": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/" } ], "sides": [ { "part": 13, "question": null, "side": "the-load-pays-its-way", "sideLabel": "The load pays its way", "claim": "Citing ERCOT's October 2025 reporting, over 200 gigawatts of large loads have requested interconnection through the interim process, yet less than 4% have been granted approval to energize and about another 7% are eligible to seek energization…", "date": "2025-12-18", "url": "https://interchange.puc.texas.gov/search/documents?controlNumber=58317&itemNumber=11", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-ratepayer-pays-first/", "sidesUrl": "https://deepstack.ltd/sides/the-ratepayer-pays-first/" }, { "part": 13, "question": null, "side": "the-load-pays-its-way", "sideLabel": "The load pays its way", "claim": "The Joint Commenters recommend the Commission adopt a unifying framework aligning all related rulemakings and ERCOT protocol revisions, advancing cost-causation-based cost assignment that shields residential and small commercial customers from cost…", "date": "2025-12-18", "url": "https://interchange.puc.texas.gov/search/documents?controlNumber=58317&itemNumber=11", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-ratepayer-pays-first/", "sidesUrl": "https://deepstack.ltd/sides/the-ratepayer-pays-first/" }, { "part": 13, "question": null, "side": "crossing", "sideLabel": "Voices that cross sides", "claim": "Shield households by cost causation; $24B of Texas lines need loads that connect.", "date": null, "url": "https://interchange.puc.texas.gov/search/documents?controlNumber=58317&itemNumber=11", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-ratepayer-pays-first/", "sidesUrl": "https://deepstack.ltd/sides/the-ratepayer-pays-first/" } ], "coverage": { "creators": 153, "claims": 15, "texts": 1, "asOf": "2026-10-10" }, "lastUpdated": "2026-10-10" }