That's trailing and mighty impressive. However when you decided to quote Q1 earnings. $62bn of Q1 earnings ends up at only $10bn. The LTM numbers are less relevant.
Yeah, but I think the recent explosion of both memory prices and stock prices of memory makers highlight that datacenter GPUs cost about 10x as much as the would in a healthy supply-demand situation. Gaming equivalents of datacenter GPUs (I know they are not the same, but those had a hell of a lot of compute and bandwidth) cost less than 1/10th when normalized to FLOPS.
So its scarcity pricing. If a paper were to come out tomorrow proving that additional compute has diminishing returns, there would be hell to pay in markets.
The discussion here is whether Google can make money in the AI world. They obviously can. Whether they turn around and spend that money on capex to try and increase future earnings is irrelevant.