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Alphabet plans to use third-party capacity in Q3 as a bridging strategy while it builds internal capacity, indicating severe supply constraints that may temporarily depress Cloud margins. — This reveals that even Alphabet, with massive internal chip production (TPUs) and data center buildout, must rely on external providers, confirming structural AI infrastructure tightness that benefits GPU suppliers like NVIDIA and competing cloud providers like AWS and Azure.

Google Cloud revenue was constrained by compute capacity; growth would have been higher if Alphabet could meet demand. — The capacity crunch suggests that AI compute supply is still scarce relative to demand, benefiting NVIDIA as a key supplier but also pressuring cloud competitors to accelerate their own builds.

Google Cloud is operating in a tight supply environment, constraining growth despite strong demand. — Capacity constraints at Google Cloud imply industry-wide infrastructure tightness, potentially benefiting competitors with available capacity or raising prices for cloud services.