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Alphabet President Ruth Porat: The $200 billion we’re spending on AI is just the beginning

Alphabet is spending roughly $200 billion this year to build out its AI capacity, and Ruth Porat, the company’s president and chief investment officer, told Fortune’s Alyson Shontell that Google’s plan for next year will be even more substantial.

Alphabet expects capital expenditure (capex) to “increase significantly” next year, she said at Fortune’s Most Powerful Women Summit in Santa Barbara, Calif., adding that the company remains “capacity constrained” as demand grows.

“The demand for compute—because of the value that our partners are seeing in the enterprise, in governments, what we’re seeing across our platform—suggests that we’re in the buildout here now,” she said. “We do see this as an opportunity that extends for quite some time.”

“The thing that is true throughout history is anything that is not built for the long run won’t endure for the long run,” Porat said. She noted that Alphabet’s capex is itself a payoff from a strategy devised years ago, starting with Google’s 2016 pivot from “mobile first” to “AI first.”

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Despite his........

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