The risk factor they hope you skip is the one about what the buildout costs to run. Alphabet's FY2025 Form 10-K, filed 2026-02-05, describes its technical infrastructure as "including servers and network equipment, and data centers," and notes the costs of operating it — "depreciation, energy" and more. EdgarBeast surfaced the language.
Read it against the prior-year 10-K (filed 2025-02-05), which described increasing "investment in our technical infrastructure, including servers, network equipment, and data centers, to support the growth" of the business. Year over year, Alphabet keeps telling investors the same thing: the infrastructure line is going up.
The close reader's point is the second-order cost. Capex buys the servers; depreciation and energy are what they cost every quarter afterward. Alphabet's own filing flags both, which means the company is disclosing not just a spending number but an ongoing operating drag that scales with the data-center footprint.
What the 10-K does not isolate is an AI-specific infrastructure figure — "servers and data centers" covers the whole technical estate. The disclosed fact is the direction (up) and the named recurring costs (depreciation, energy). The 10-K on sec.gov is primary; EdgarBeast is the evidence index.