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Alphabet's roughly $200 billion in AI-related capital spending is beginning to show returns, according to a new report describing the scale of investment as a 'bombshell' for the AI spending debate. The disclosure adds to growing evidence that hyperscalers' massive AI infrastructure outlays are starting to translate into tangible business gains. The development is likely to fuel continued investor debate over the return on investment from large-scale AI capital expenditure across major technology companies.