I’m sure they are still heavily investing in CapEx given their growth. You have to remember that AWS had a more linear path so capex investment was spread out

I’m sure they are still heavily investing in CapEx given their growth. You have to remember that AWS had a more linear path so capex investment was spread out over a longer time line. Meanwhile Google had to rebuild all of AWS infra and capacity basically over night. That coupled with high revenue growth leads to a large loss in the build out years. As revenue increase YoY slows down that loss will begin to narrow.