Sundar Pichai on what “keeps him up at night” after Alphabet’s $403 billion year

Google slashed Gemini serving unit costs a striking 78% in 2025 through “model optimizations, efficiency and utilization improvements.”

By Edward Targett

Updated Feb 5, 2026 11:32 AM / Published Feb 5, 2026 10:54 AM 3 min read

Sundar Pichai on what “keeps him up at night” after Alphabet’s $403 billion year — Image credit: https://unsplash.com/@sasun1990

Blink one minute, GCP is haemorrhaging cash and about to join “killed by Google”, blink the next and it’s a $70 billion run-rate proper hyperscaler – ramping up enterprise deal size and improving margin at impressive pace.

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Edward Targett

Ed is a co-founder of The Stack. He previously edited Computer Business Review. He has also covered energy markets. He started his journalism career on local papers. He left school at 15 and has made a living asking "but why?" ever since.