JPMorgan sees Google Cloud revenue matching Search by late 2028

The bank sharply raised its cloud growth forecasts as Alphabet's custom AI chips start pulling real weight JPMorgan Chase & Co. (JPM) price Full chart and stats Loading chart… Market cap $892.6B (shares as of 2026-06-30) P/E (trailing) 14.4 (EPS to 2026-06-30) Annual revenue $182.4B USD (FY ended 2025-12-31) 10-K Annual revenue growth +2.8% (FY ended 2025-12-31 vs FY ended 2024-12-31) 10-K Annual net income 57,048,000,000 USD (FY ended 2025-12-31, attributable to the company) 10-K Annual operating margin Unavailable Forward P/E Unavailable: no dated forecast source Gloria daily close for session Oct 27, 2026. Market cap and trailing P/E use this close with the SEC share total and trailing diluted earnings, each dated next to its figure. Annual revenue, revenue growth, net income and margin show their own fiscal period and link the 10-K. Current context may postdate this article. JPMorgan Chase & Co. and its peers For two decades, Alphabet has been a search company that happened to own a few other things. JPMorgan thinks that description could have an expiration date. The bank expects Google Cloud revenue to match Google Search revenue by late 2028. That would put a business...