Google is on track to spend nearly $50 billion in capital expenditures in 2024, a more than 50% increase over the prior year.

Judged as of August 2024. True if, as of then, Alphabet's reported capital expenditures and guidance pointed to 2024 capex of nearly $50 billion (about $45–50 billion run rate; for example H1 2024 capex near $25 billion and management guidance of similar or higher quarterly spending), and that figure was more than 50% above 2023 capex (about $32.3 billion as reported in Alphabet's 2023 10-K). Alphabet's actual full-year 2024 capex in its 2024 10-K can confirm this. Mostly true if the trajectory was nearly $50 billion but the rise was somewhat under 50% (about 40–50%), or the dollar figure was off by a modest amount (for example about $45 billion or about $52–53 billion) while the rise was still above 50%. Mixed if only one of the two parts (the dollar level or the over-50% rise) holds. Mostly false if capex was rising but both figures are clearly overstated. False if the trajectory was far from $50 billion and the rise was well under 50%.

Set before the research began.

1. E1 Document - SEC.gov U.S. Securities and Exchange Commission (Alphabet Inc. Exhibit 99.1, Q2 2024 earnings release dated July 23, 2024) · 23 July 2024

   “Less: purchases of property and equipment | (13,186)”

2. E2 goog-20231231 U.S. Securities and Exchange Commission (Alphabet Inc. Form 10-K for fiscal year 2023) · 31 December 2023

   “Capital expenditures, which primarily reflected investments in technical infrastructure, were $32.3 billion for the year ended December 31, 2023.”

3. E3 goog-20231231 U.S. Securities and Exchange Commission (Alphabet Inc. Form 10-K for fiscal year 2023) · 31 December 2023

   “We expect to increase, relative to 2023, our investment in our technical infrastructure, including servers, network equipment, and data centers, to support the growth of our business and our long-term initiatives, in particular in support of AI products and services.”

4. E4 goog-20231231 U.S. Securities and Exchange Commission (Alphabet Inc. Form 10-K for fiscal year 2023) · 31 December 2023

   “During the years ended December 31, 2022 and 2023, we spent $31.5 billion and $32.3 billion on capital expenditures, respectively.”

5. E5 goog-20231231 U.S. Securities and Exchange Commission (Alphabet Inc. Form 10-K for fiscal year 2023) · 31 December 2023

   “We expect to increase, relative to 2023, our investment in our technical infrastructure, including servers, network equipment, and data centers, to support the growth of our business and our long-term initiatives, in particular in support of AI products and services.”

6. E6 Alphabet Announces Second Quarter 2024 Results U.S. Securities and Exchange Commission (Alphabet Inc. Form 8-K Exhibit 99.1) · 23 July 2024

   “Less: purchases of property and equipment | (13,186) |”

7. E7 2024 Q2 Earnings Call Alphabet Investor Relations · 23 July 2024

   “With respect to CapEx, our reported CapEx in the second quarter was $13 billion, once again driven overwhelmingly by investment in our technical infrastructure, with the largest component for servers, followed by data centers.”

8. E8 2024 Q2 Earnings Call Alphabet Investor Relations · 23 July 2024

   “Looking ahead, we continue to expect quarterly CapEx throughout the year to be roughly at or above the Q1 CapEx of $12 billion, keeping in mind that the timing of cash payments can cause variability in quarterly reported CapEx.”

Alphabet's FY2023 10-K puts 2023 capital expenditures at $32.3 billion (E2, E4). On the Q2 2024 earnings call, Alphabet reported Q2 capex of $13 billion and Q1 capex of $12 billion, and said it expected quarterly capex for the rest of the year to be "roughly at or above" $12 billion (E7, E8; E1 and E6 show the $13,186 million Q2 figure). That puts H1 2024 at about $25 billion and the full year at about $49 billion or more, which is "nearly $50 billion" and about 52% above $32.3 billion. Both parts of the claim therefore hold as of August 2024.