{"id":15684,"date":"2026-10-29T10:20:36","date_gmt":"2026-10-29T09:20:36","guid":{"rendered":"https:\/\/dailyai.com\/?p=15684"},"modified":"2026-10-29T10:20:36","modified_gmt":"2026-10-29T09:20:36","slug":"google-and-microsoft-spent-alike-on-ai-only-one-still-made-cash","status":"publish","type":"post","link":"https:\/\/dailyai.com\/fr\/2026\/10\/google-and-microsoft-spent-alike-on-ai-only-one-still-made-cash\/","title":{"rendered":"Google et Microsoft ont investi massivement dans l&#039;IA. Seul l&#039;un d&#039;eux a r\u00e9alis\u00e9 des b\u00e9n\u00e9fices."},"content":{"rendered":"<p class=\"wp-block-paragraph\"><strong>Alphabet a d\u00e9pens\u00e9 51,4 milliards de dollars ($51,4 milliards) en b\u00e2timents, serveurs et puces en trois mois. Ses activit\u00e9s ont g\u00e9n\u00e9r\u00e9 42,3 milliards de dollars ($42,3 milliards). Il lui manque donc 9,1 milliards de dollars ($9,1 milliards), soit le deuxi\u00e8me trimestre cons\u00e9cutif o\u00f9 le d\u00e9veloppement de son IA co\u00fbte plus cher que ce que l&#039;activit\u00e9 rapporte. Microsoft a investi une somme similaire et a tout de m\u00eame d\u00e9gag\u00e9 18,6 milliards de dollars ($18,6 milliards). Voici notre analyse des raisons de cet \u00e9cart et pourquoi nous pensons que le march\u00e9 l&#039;interpr\u00e8te de mani\u00e8re un peu trop simpliste.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Les chiffres<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Les deux entreprises ont publi\u00e9 leurs r\u00e9sultats mercredi pour le trimestre clos le 30 septembre. Alphabet <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1652044\/000165204426000080\/googexhibit991q32026.htm\" target=\"_blank\" rel=\"noopener\">communiqu\u00e9 sur les r\u00e9sultats<\/a> Les d\u00e9penses d&#039;investissement (CAPEX, investissements dans les centres de donn\u00e9es et les composants \u00e9lectroniques) s&#039;\u00e9l\u00e8vent \u00e0 51,4 milliards de dollars ($), contre 24 milliards un an plus t\u00f4t. Les flux de tr\u00e9sorerie d&#039;exploitation ont diminu\u00e9, passant de 48,4 milliards \u00e0 42,3 milliards. Le flux de tr\u00e9sorerie disponible, soit la tr\u00e9sorerie restante apr\u00e8s ces d\u00e9penses, est n\u00e9gatif de 9,1 milliards de dollars ($).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le site de Microsoft <a href=\"https:\/\/www.microsoft.com\/en-us\/investor\/earnings\/fy-2027-q1\/cash-flows\" target=\"_blank\" rel=\"noopener\">\u00e9tat des flux de tr\u00e9sorerie<\/a> Le chiffre d&#039;affaires s&#039;\u00e9l\u00e8ve \u00e0 58 milliards de dollars ($) provenant des op\u00e9rations, en hausse de 291 milliards de dollars (29%), et \u00e0 39,4 milliards de dollars ($) de d\u00e9penses en immobilisations corporelles. Il en r\u00e9sulte un flux de tr\u00e9sorerie disponible de 18,6 milliards de dollars ($). Le montant des investissements (CAPEX) s&#039;\u00e9tablit \u00e0 45,2 milliards de dollars ($), car il inclut \u00e9galement 7,4 milliards de dollars ($) de contrats de location de centres de donn\u00e9es, a pr\u00e9cis\u00e9 la directrice financi\u00e8re, Amy Hood. <a href=\"https:\/\/www.fool.com\/earnings\/call-transcripts\/2026\/10\/29\/microsoft-msft-q1-2027-earnings-call-transcript\/\" target=\"_blank\" rel=\"noopener\">conf\u00e9rence sur les r\u00e9sultats<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les investisseurs ont rapidement pris parti. Jeudi avant l&#039;ouverture du march\u00e9, l&#039;action Alphabet a chut\u00e9 d&#039;environ 101 points, tandis que celle de Microsoft a progress\u00e9 de pr\u00e8s de 41 points., <a href=\"https:\/\/www.cnbc.com\/2026\/10\/29\/alphabet-google-microsoft-msft-shares-today-earnings.html\" target=\"_blank\" rel=\"noopener\">CNBC a rapport\u00e9<\/a>. Une cl\u00f4ture en baisse de plus de 9,77% constituerait la pire r\u00e9action d&#039;Alphabet aux r\u00e9sultats depuis son introduction en bourse en 2004.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Il ne s&#039;agit pas d&#039;une histoire d&#039;IA qui ne paie pas.<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">On pourrait facilement interpr\u00e9ter cela comme un \u00e9chec du pari de Google sur l&#039;IA. Pourtant, le m\u00eame communiqu\u00e9 affirme le contraire. Le chiffre d&#039;affaires de Google Cloud a progress\u00e9 de 1\u00a0031 milliards de dollars pour atteindre 30,7 milliards de dollars, et le chiffre d&#039;affaires total d&#039;Alphabet a augment\u00e9 de 251 milliards de dollars pour s&#039;\u00e9tablir \u00e0 127,6 milliards de dollars. Les revenus li\u00e9s \u00e0 la recherche ont progress\u00e9 de 121 milliards de dollars. Sundar Pichai a d\u00e9clar\u00e9 qu&#039;Alphabet atteint d\u00e9sormais un rythme de croissance annuel d&#039;un demi-milliard de dollars.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La croissance de Microsoft a \u00e9galement \u00e9t\u00e9 soutenue, mais pas plus rapide. Azure, dont les r\u00e9sultats sont d\u00e9sormais exprim\u00e9s en dollars, a g\u00e9n\u00e9r\u00e9 1\u00a0700 milliards de dollars, soit une hausse de 481\u00a0600 milliards de dollars. Google Cloud a connu une croissance plus de deux fois sup\u00e9rieure. Le d\u00e9ficit d&#039;Alphabet n&#039;est pas d\u00fb \u00e0 un probl\u00e8me de demande, mais \u00e0 un d\u00e9calage temporel et, en partie, \u00e0 des erreurs comptables.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Pourquoi l&#039;argent liquide semble si diff\u00e9rent<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Selon nous, trois facteurs expliquent en grande partie cet \u00e9cart, et un seul d&#039;entre eux concerne la qualit\u00e9 de l&#039;IA de chaque entreprise.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tout d&#039;abord, leur mode de paiement. Microsoft loue une partie de sa capacit\u00e9 et en sous-traite une autre \u00e0 des fournisseurs externes, ce qui explique que certains co\u00fbts soient imput\u00e9s aux trimestres suivants. Hood a indiqu\u00e9 qu&#039;une partie de cette capacit\u00e9 tierce est arriv\u00e9e tardivement ce trimestre, ce qui a permis de maintenir les d\u00e9penses en dessous des 50 milliards de dollars pr\u00e9vus par Microsoft ($50). Les d\u00e9penses d&#039;investissement d&#039;Alphabet correspondent simplement aux paiements effectu\u00e9s pour les biens immobiliers et les \u00e9quipements, et l&#039;entreprise con\u00e7oit ses propres puces TPU\u00a0; par cons\u00e9quent, une plus grande partie de sa facture appara\u00eet au fur et \u00e0 mesure des paiements. DailyAI a r\u00e9cemment rapport\u00e9 que Google est d\u00e9sormais <a href=\"https:\/\/dailyai.com\/fr\/2026\/10\/google-takes-its-ai-chips-to-oracle-and-openai-plans-to-buy-them\/\">vendre ces chips \u00e0 <span class=\"noTranslate\" data-no-translation=\"\"><span class=\"noTranslate\" data-no-translation=\"\">Oracle<\/span><\/span> et <span class=\"noTranslate\" data-no-translation=\"\"><span class=\"noTranslate\" data-no-translation=\"\">OpenAI<\/span><\/span><\/a>, ce qui transforme une partie de ces d\u00e9penses en revenus.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Deuxi\u00e8mement, qui paie d\u00e9j\u00e0\u00a0? Microsoft compte 1\u00a0700\u00a0677 milliards de dollars de contrats commerciaux sign\u00e9s non encore comptabilis\u00e9s dans son chiffre d&#039;affaires, soit une hausse de 731\u00a0000 milliards de dollars. Selon Hood, la tr\u00e9sorerie d&#039;exploitation a progress\u00e9 gr\u00e2ce \u00e0 la forte facturation et aux encaissements importants li\u00e9s au cloud. \u00c0 l&#039;inverse, la tr\u00e9sorerie d&#039;exploitation d&#039;Alphabet a diminu\u00e9 malgr\u00e9 la croissance de son chiffre d&#039;affaires.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Troisi\u00e8mement, le plan. Microsoft pr\u00e9voit des d\u00e9penses d&#039;investissement sup\u00e9rieures \u00e0 100\u00a0000 milliards de dollars au prochain trimestre et d&#039;environ 100\u00a0000 milliards de dollars pour l&#039;ensemble de l&#039;ann\u00e9e civile. Alphabet a maintenu ses pr\u00e9visions pour 2026 entre 100\u00a0000 et 100\u00a0000 milliards de dollars et a indiqu\u00e9 aux analystes que les d\u00e9penses \u201c\u00a0augmenteraient sensiblement\u00a0\u201d en 2027., <a href=\"https:\/\/www.investing.com\/news\/stock-market-news\/cash-is-king-as-investors-draw-new-battle-lines-in-ai-spending-boom-4981382\" target=\"_blank\" rel=\"noopener\">Reuters a rapport\u00e9<\/a>. Les investisseurs peuvent encaisser un mauvais trimestre. Ce qu&#039;ils anticipent, c&#039;est une facture plus sal\u00e9e l&#039;ann\u00e9e prochaine, sans chiffre pr\u00e9cis.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Notre point de vue<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Nous pensons que le march\u00e9 a raison de surveiller la tr\u00e9sorerie et tort de tirer des conclusions h\u00e2tives apr\u00e8s un seul trimestre. Le flux de tr\u00e9sorerie disponible d&#039;Alphabet sur les douze derniers mois reste positif, \u00e0 19,7 milliards de dollars ($19,7 milliards), selon son propre rapport. L&#039;entreprise d\u00e9pense plus que le chiffre d&#039;affaires qu&#039;elle n&#039;a pas encore comptabilis\u00e9. Microsoft, quant \u00e0 elle, d\u00e9pense davantage en fonction du chiffre d&#039;affaires d\u00e9j\u00e0 sign\u00e9.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ce sont deux paris. Celui de Microsoft est plus s\u00fbr cette ann\u00e9e car ses clients se sont engag\u00e9s. Celui d&#039;Alphabet pourrait rapporter davantage si le march\u00e9 du cloud continue de doubler, mais il faut que ce soit le cas. Meta, qui <a href=\"https:\/\/dailyai.com\/fr\/2026\/10\/meta-plans-to-raise-up-to-95-billion-in-new-shares-to-pay-for-ai\/\">pr\u00e9voit de vendre jusqu&#039;\u00e0 1 TP7 095 milliards de nouvelles actions<\/a> Pour financer son d\u00e9veloppement, cela montre ce qui se passe lorsqu&#039;une entreprise cesse de financer l&#039;IA uniquement en esp\u00e8ces.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Que regarder<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Deux chiffres nous permettront de savoir qui a raison. Le premier est le montant des investissements d&#039;Alphabet pour 2027, qu&#039;elle n&#039;a pas encore communiqu\u00e9. Le second est de savoir si les revenus de Google Cloud suivront le m\u00eame rythme. Si les d\u00e9penses augmentent plus vite que celles de Cloud, le d\u00e9ficit de 1\u00a0700 milliards de dollars enregistr\u00e9 ce trimestre deviendra une tendance plut\u00f4t qu&#039;un simple repli.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pour les d\u00e9tenteurs de ces actions, une bonne pratique consiste \u00e0 v\u00e9rifier conjointement le flux de tr\u00e9sorerie d&#039;exploitation et les d\u00e9penses d&#039;investissement dans chaque rapport trimestriel de flux de tr\u00e9sorerie, et non pas seulement le chiffre d&#039;affaires. Les plateformes d&#039;investissement comme Kyro, qui relient les comptes de courtage \u00e0 des mod\u00e8les d&#039;intelligence artificielle, peuvent fournir ces donn\u00e9es, mais les documents d\u00e9pos\u00e9s sont consultables gratuitement.<\/p>","protected":false},"excerpt":{"rendered":"<p>Alphabet a investi 51,4 milliards de dollars dans le d\u00e9veloppement de l&#039;IA au cours d&#039;un trimestre et a finalement accus\u00e9 un d\u00e9ficit de 9,1 milliards de dollars. Microsoft a investi une somme similaire et a conserv\u00e9 18,6 milliards de dollars. Notre analyse explique ces r\u00e9sultats et pr\u00e9sente les points \u00e0 surveiller.<\/p>","protected":false},"author":16,"featured_media":15685,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[87],"tags":[],"class_list":["post-15684","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opinions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Alphabet&#039;s $9.1bn Cash Gap vs Microsoft: The AI Spending Test<\/title>\n<meta name=\"description\" content=\"Alphabet&#039;s AI spending left it with negative free cash flow of $9.1 billion while Microsoft kept $18.6 billion. DailyAI analysis of the gap.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dailyai.com\/fr\/2026\/10\/google-and-microsoft-spent-alike-on-ai-only-one-still-made-cash\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Alphabet&#039;s $9.1bn Cash Gap vs Microsoft: The AI Spending Test\" \/>\n<meta property=\"og:description\" content=\"Alphabet&#039;s AI spending left it with negative free cash flow of $9.1 billion while Microsoft kept $18.6 billion. DailyAI analysis of the gap.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/dailyai.com\/fr\/2026\/10\/google-and-microsoft-spent-alike-on-ai-only-one-still-made-cash\/\" \/>\n<meta property=\"og:site_name\" content=\"DailyAI\" \/>\n<meta property=\"article:published_time\" content=\"2026-10-29T09:20:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/dailyai.com\/wp-content\/uploads\/2026\/10\/dailyai-og-default.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"David Merry\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@DailyAIOfficial\" \/>\n<meta name=\"twitter:site\" content=\"@DailyAIOfficial\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"David Merry\" \/>\n\t<meta name=\"twitter:label2\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\\\/\\\/dailyai.com\\\/2026\\\/10\\\/google-and-microsoft-spent-alike-on-ai-only-one-still-made-cash\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/dailyai.com\\\/2026\\\/10\\\/google-and-microsoft-spent-alike-on-ai-only-one-still-made-cash\\\/\"},\"author\":{\"name\":\"David Merry\",\"@id\":\"https:\\\/\\\/dailyai.com\\\/#\\\/schema\\\/person\\\/285a97adb64b88751ac3440ece6b08a1\"},\"headline\":\"Google and Microsoft Spent Alike on AI. 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