Alphabet Turns Long-Term Power Procurement into an AI Moat Debate

Alphabet’s reported Finnish nuclear-power commitment and long-term purchase of roughly half a plant’s output highlight reliable electricity, location, and cooling economics as potential AI advantages. Strong Google Cloud growth and backlog are encouraging, but projected 2026 capex of $195–205 billion, negative free cash flow, TPU-versus-GPU economics, cloud profitability, antitrust exposure, and delayed returns remain central.