AI continues to benefit Google’s business as well. Overall revenues are up 12 percent year-over-year to $96.5 billion. Google Cloud revenues are up 10 percent to $12.0 billion, which Google says is “led by growth in Google Cloud Platform (GCP) across core GCP products, AI Infrastructure, and Generative AI Solutions.”

Key Takeaways Google parent Alphabet said it plans to spend $75 billion in capital expenditures this year, as it expands capacity to meet demand for AI.CFO Anat Ashkenazi said a majority of that spending would go toward technical infrastructure,

China announced retaliatory tariffs on select American imports and an antitrust investigation into Google after Trump's levy on Chinese products took effect.

Authorities also announced a Google inquiry and put the biotech firm Illumina and Calvin Klein's parent, PVH, on China's "unreliable entities list."

China says it will investigate Google on suspicion of violating antitrust laws.

Google parent Alphabet Inc. posted fourth-quarter revenue that missed analysts’ expectations as growth in its cloud business slowed. The shares fell more than 8%.

Alphabet reports fourth-quarter earnings after Tuesday's closing bell. Investors will be focused on cloud momentum and AI traction, with shares of the Google and YouTube parent company holding fast near the record levels achieved last week.