Google’s margin hit could favor infra vendors that let it bring its own stack

BenBajarin · x · 2026-07-23

Ben Bajarin argues that Google's earnings comments point to a practical infrastructure constraint: margins are taking a hit because Google has to rely on third-party infrastructure.

His reading is that this may push Google toward vendors who can let it bring its own infra rather than forcing a higher margin penalty. In his view, that makes pure neoclouds or maybe even GPUaaS less attractive, while AI infrastructure REITs could be better positioned.

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