Google and Microsoft’s AI/cloud backlog has now crossed $1 trillion.

$GOOGL now has a $467.6 billion revenue backlog , up from $92.4 billion in the same quarter last year.
The vast majority of that backlog — $462.3 billion — is tied to Google Cloud.
Meanwhile, $MSFT now has $633 billion in remaining performance obligations , up from $321 billion in the same quarter last year.
Together, Google and Microsoft are sitting on more than $1.1 trillion of contracted future revenue.
This shows just how massive enterprise demand for cloud and AI infrastructure has become.
The AI infrastructure cycle is still accelerating.