Alphabet reported Q1 2026 revenue of $109.9 billion (+22% YoY) with net income of $62.58 billion (+81%), as Google Cloud grew 63% to $20 billion and became Alphabet's primary growth driver for the first time. CEO Sundar Pichai disclosed on the earnings call that "we are compute constrained in the near term" and that "cloud revenue would have been higher if we were able to meet the demand" — the first acknowledgment that supply limits are capping Google Cloud AI growth. The cloud backlog nearly doubled quarter-over-quarter to $460 billion, Gemini API usage reached 16 billion tokens per minute (+60% quarter-over-quarter), and Waymo crossed 500,000 fully autonomous rides per week.