With that context, the key point is that GCP is now a $42 billion IaaS/PaaS business in our 2026 estimate and is growing in the mid-40% range. That’s a big move from where it was in 2020, when GCP was a mid–single-digit-billion-dollar business by our model. Google is still well behind the two leaders in absolute dollars – AWS projected at roughly $160 billion and Azure at roughly $120 billion in 2026 – and that size means both AWS and Microsoft are throwing off enormous annual revenue increments. The delta in the rightmost column quantifies this point as AWS and Azure are each adding on the order of $31 billion to $33 billion of incremental revenue from 2025 to 2026, while GCP adds roughly $13 billion. That $13 billion annual incremental revenue is still a big number – but the two leaders remain hard to catch because of the size of the installed base.