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GOOGL's Finland nuclear deal fixes electricity costs through 2049, directly compressing cost per AI token as cloud backlog approaches $460 billion.
Power deliveries won't start until decade's end, while free cash flow already turned negative and long-term debt doubled to $98 billion.
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Google (NASDAQ:GOOG, NASDAQ:GOOGL) said it will pour a record $15 billion into AI infrastructure in what CNBC called the "Texas of Europe," anchored by three northern data centers and a long-dated agreement to buy a large share of the output from Fortum's Loviisa nuclear plant, with deliveries running for roughly two decades starting at the end of this decade.