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#谷歌云业务增长82%，AI投入回报如何？
谷歌云82%增速是真的，但自由现金流-58亿也是真的。
AI投入的回报在利润表上已经看得见，但代价是拿资产负债表和现金流量表在抵押。
2027年折旧集中释放，才是云利润率第一次“压力测试”。Q3云增速市场预期90%— 100%，但那是投行预测，不是公司指引。
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