Sundar Pichai on Gemini 4 and the AI compute crunch

Pichai ties Google's negative free cash flow and rising CapEx directly to durable demand and signed contracts, not speculation, despite acknowledging industry-wide bubble risk.

• Gemini 4 Argon demand: Argon took in roughly 25 trillion tokens in its first 72 hours, about 3x Gemini 3.0's launch pace, and Google remains capacity-constrained serving it.
• Compute planning lag: Pichai says Google builds its own compute with long lead times, so current capacity reflects decisions made two years ago, not today's demand.

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