Alphabet is planning a "significant increase" in spend next year as it continues to invest in AI infrastructure to meet the demand of its customer backlog.

Following a 38% jump in Alphabet shares in the third quarter, Wall Street will be paying close attention to the company's comments on its AI strategy.

Strong demand for ads and cloud services powered tech giant’s growth as it makes multibillion-dollar AI investment

Alphabet is planning a "significant increase" in spend next year as it continues to invest in AI infrastructure to meet the demand of its customer backlog.

The strong quarter and a boost in capital spending impressed analysts and solidified Alphabet's position as an AI leader.