Two earnings reports. Two very different stories about where the AI money is actually going.
Alphabet reported Q2 2026 revenue of $119.8B, a 24% jump year-over-year. IBM reported revenue of roughly $17.2B for the same quarter, up just 1% from a year ago.
Google Cloud is eating enterprise budgets
The number that stands out in Alphabet’s report is Google Cloud, which grew 82% year-over-year to approximately $24.8B in Q2 2026.
To put that in context: Google Cloud alone generated more quarterly revenue than IBM’s entire global business.
