{"@context":"https://neupai.io/schema/v0.2","@type":"StructuredNewsArticle","identity":{"article_id":"tech42_20261028_ms-alphabet-cloud-cashflow","canonical_url":"https://www.tech42.co.kr/%ed%81%b4%eb%9d%bc%ec%9a%b0%eb%93%9c%eb%8a%94-%eb%91%98-%eb%8b%a4-%ec%a7%88%ec%a3%bc%ed%96%88%ec%a7%8cms%ec%99%80-%ec%95%8c%ed%8c%8c%eb%b2%b3%ec%9d%84-%ea%b0%80%eb%a5%b8-%ea%b1%b4/?utm_source=rss&utm_medium=rss&utm_campaign=%25ed%2581%25b4%25eb%259d%25bc%25ec%259a%25b0%25eb%2593%259c%25eb%258a%2594-%25eb%2591%2598-%25eb%258b%25a4-%25ec%25a7%2588%25ec%25a3%25bc%25ed%2596%2588%25ec%25a7%2580%25eb%25a7%258cms%25ec%2599%2580-%25ec%2595%258c%25ed%258c%258c%25eb%25b2%25b3%25ec%259d%2584-%25ea%25b0%2580%25eb%25a5%25b8-%25ea%25b1%25b4","ai_url":null,"publisher":{"name":"테크42","domain":"www.tech42.co.kr","type":"online"},"author":"정재엽 기자","published_at":"2026-10-28T23:37:04.000Z","updated_at":null,"language":"ko","article_type":"analysis","originality":"self_produced"},"content":{"headline":"클라우드는 둘 다 질주했지만…MS와 알파벳을 가른 건 '현금흐름'이었다","summary":"마이크로소프트와 알파벳이 클라우드 부문에서 높은 성장률을 기록했으나, 알파벳은 설비투자가 영업현금을 초과해 주가가 하락한 반면 MS는 잉여현금흐름이 플러스를 유지하며 주가가 상승했다.","topics":["IT","클라우드","AI","재무","빅테크"],"geography":["US","KR"],"entities":[{"name":"마이크로소프트","canonical_id":"corp:us:microsoft","type":"company","role_in_article":"primary_subject","metadata":{"ticker":null,"parent":null}},{"name":"알파벳","canonical_id":"corp:us:alphabet","type":"company","role_in_article":"primary_subject","metadata":{"ticker":null,"parent":null}},{"name":"구글","canonical_id":"corp:us:google","type":"company","role_in_article":"mentioned","metadata":{"ticker":null,"parent":null}},{"name":"애저","canonical_id":"product:us:azure","type":"product","role_in_article":"mentioned","metadata":{"ticker":null,"parent":null}},{"name":"구글 클라우드","canonical_id":"product:us:google-cloud","type":"product","role_in_article":"mentioned","metadata":{"ticker":null,"parent":null}},{"name":"TPU","canonical_id":"product:us:tpu","type":"product","role_in_article":"mentioned","metadata":{"ticker":null,"parent":null}},{"name":"비저블알파","canonical_id":"org:us:visible-alpha","type":"organization","role_in_article":"source","metadata":{"ticker":null,"parent":null}},{"name":"스트리트어카운트","canonical_id":"org:us:street-account","type":"organization","role_in_article":"source","metadata":{"ticker":null,"parent":null}},{"name":"코어위브","canonical_id":"corp:us:coreweave","type":"company","role_in_article":"mentioned","metadata":{"ticker":null,"parent":null}},{"name":"네비우스","canonical_id":"corp:us:nvidia","type":"company","role_in_article":"mentioned","metadata":{"ticker":null,"parent":null}},{"name":"아마존","canonical_id":"corp:us:amazon","type":"company","role_in_article":"mentioned","metadata":{"ticker":null,"parent":null}}],"claims":[{"id":"c1","statement":"알파벳 A주는 10월 28일 정규장에서 1.57% 오른 325.63달러로 마감했다","as_of":"2026-10-28","as_of_explicit":true,"as_of_raw":"10월 28일","source_type":"media_report","comparison":null,"type":"fact","figures":{"value":325.63,"unit":"USD","approximate":false,"converted":null},"expiry_hint":null,"insight":null},{"id":"c2","statement":"알파벳 A주는 실적 발표 후 애프터마켓에서 9.63% 급락했다","as_of":"2026-10-28","as_of_explicit":true,"as_of_raw":"10월 28일","source_type":"media_report","comparison":null,"type":"fact","figures":{"value":9.63,"unit":"%","approximate":false,"converted":null},"expiry_hint":null,"insight":null},{"id":"c3","statement":"MS는 정규장 종가 532.55달러에서 애프터마켓 2.33% 상승했다","as_of":"2026-10-28","as_of_explicit":true,"as_of_raw":"10월 28일","source_type":"media_report","comparison":null,"type":"fact","figures":{"value":532.55,"unit":"USD","approximate":false,"converted":null},"expiry_hint":null,"insight":null},{"id":"c4","statement":"MS의 2027 회계연도 1분기(7~9월) 매출은 약 123조5,000억 원(923억 달러)으로 전년 동기보다 19% 늘었다","as_of":"2026-Q3","as_of_explicit":true,"as_of_raw":"2027 회계연도 1분기(7~9월)","source_type":"company_disclosure","comparison":"previous_year_same_period","type":"fact","figures":{"value":92300000000,"unit":"USD","approximate":true,"converted":{"value":123500000000000,"unit":"KRW"}},"expiry_hint":null,"insight":null},{"id":"c5","statement":"MS의 2027 회계연도 1분기 순이익은 약 49조 원(366억 달러)이다","as_of":"2026-Q3","as_of_explicit":true,"as_of_raw":"2027 회계연도 1분기(7~9월)","source_type":"company_disclosure","comparison":null,"type":"fact","figures":{"value":36600000000,"unit":"USD","approximate":true,"converted":{"value":49000000000000,"unit":"KRW"}},"expiry_hint":null,"insight":null},{"id":"c6","statement":"MS의 클라우드 서비스 애저 매출은 48% 뛰었다","as_of":"2026-Q3","as_of_explicit":true,"as_of_raw":"2027 회계연도 1분기(7~9월)","source_type":"company_disclosure","comparison":"previous_year_same_period","type":"fact","figures":{"value":48,"unit":"%","approximate":false,"converted":null},"expiry_hint":null,"insight":null},{"id":"c7","statement":"알파벳의 3분기 매출은 약 170조7,000억 원(1,276억 달러)으로 25% 증가했다","as_of":"2026-Q3","as_of_explicit":true,"as_of_raw":"3분기","source_type":"company_disclosure","comparison":"previous_year_same_period","type":"fact","figures":{"value":127600000000,"unit":"USD","approximate":true,"converted":{"value":170700000000000,"unit":"KRW"}},"expiry_hint":null,"insight":null},{"id":"c8","statement":"구글 클라우드 매출은 약 41조1,000억 원(307억 달러)으로 1년 새 두 배 넘게(103%) 커졌다","as_of":"2026-Q3","as_of_explicit":true,"as_of_raw":"3분기","source_type":"company_disclosure","comparison":"previous_year_same_period","type":"fact","figures":{"value":30700000000,"unit":"USD","approximate":true,"converted":{"value":41100000000000,"unit":"KRW"}},"expiry_hint":null,"insight":null},{"id":"c9","statement":"MS의 클라우드 서비스 '애저' 매출 증가율은 48%로, 직전 분기 42%보다 빨라졌다","as_of":"2026-Q3","as_of_explicit":true,"as_of_raw":"2027 회계연도 1분기(7~9월)","source_type":"company_disclosure","comparison":"previous_quarter","type":"fact","figures":{"value":48,"unit":"%","approximate":false,"converted":null},"expiry_hint":null,"insight":null},{"id":"c10","statement":"애저를 포함한 마이크로소프트 클라우드 매출은 약 85조5,000억 원(639억 달러)으로 30% 늘었다","as_of":"2026-Q3","as_of_explicit":true,"as_of_raw":"2027 회계연도 1분기(7~9월)","source_type":"company_disclosure","comparison":"previous_year_same_period","type":"fact","figures":{"value":63900000000,"unit":"USD","approximate":true,"converted":{"value":85500000000000,"unit":"KRW"}},"expiry_hint":null,"insight":null},{"id":"c11","statement":"상업용 잔여이행의무는 약 905조6,000억 원(6,770억 달러)으로 73% 증가했다","as_of":"2026-Q3","as_of_explicit":true,"as_of_raw":"2027 회계연도 1분기(7~9월)","source_type":"company_disclosure","comparison":"previous_year_same_period","type":"fact","figures":{"value":677000000000,"unit":"USD","approximate":true,"converted":{"value":905600000000000,"unit":"KRW"}},"expiry_hint":null,"insight":null},{"id":"c12","statement":"구글 클라우드 영업이익은 약 4조8,000억 원(36억 달러)에서 약 14조9,000억 원(111억 달러)으로 세 배 넘게 늘었다","as_of":"2026-Q3","as_of_explicit":true,"as_of_raw":"3분기","source_type":"company_disclosure","comparison":"previous_year_same_period","type":"fact","figures":{"value":11100000000,"unit":"USD","approximate":true,"converted":{"value":14900000000000,"unit":"KRW"}},"expiry_hint":null,"insight":null},{"id":"c13","statement":"구글 클라우드 영업이익률은 23.7%에서 36.2%로 뛰었다","as_of":"2026-Q3","as_of_explicit":true,"as_of_raw":"3분기","source_type":"company_disclosure","comparison":"previous_year_same_period","type":"fact","figures":{"value":36.2,"unit":"%","approximate":false,"converted":null},"expiry_hint":null,"insight":null},{"id":"c14","statement":"연매출이 약 1조3,000억 원(10억 달러)을 넘는 구글 클라우드 제품군은 18개에 이른다","as_of":"2026-Q3","as_of_explicit":true,"as_of_raw":"3분기","source_type":"company_disclosure","comparison":null,"type":"fact","figures":{"value":18,"unit":"count","approximate":false,"converted":null},"expiry_hint":null,"insight":null},{"id":"c15","statement":"알파벳의 영업이익은 약 54조3,000억 원(406억 달러)으로 전년 동기보다 30% 늘었다","as_of":"2026-Q3","as_of_explicit":true,"as_of_raw":"3분기","source_type":"company_disclosure","comparison":"previous_year_same_period","type":"fact","figures":{"value":40600000000,"unit":"USD","approximate":true,"converted":{"value":54300000000000,"unit":"KRW"}},"expiry_hint":null,"insight":null},{"id":"c16","statement":"알파벳의 검색 매출은 약 84조7,000억 원(633억5,000만 달러)으로 12% 늘었다","as_of":"2026-Q3","as_of_explicit":true,"as_of_raw":"3분기","source_type":"company_disclosure","comparison":"previous_year_same_period","type":"fact","figures":{"value":63350000000,"unit":"USD","approximate":true,"converted":{"value":84700000000000,"unit":"KRW"}},"expiry_hint":null,"insight":null},{"id":"c17","statement":"알파벳의 검색 매출은 시장 예상치인 약 87조 원(650억 달러 안팎)에는 닿지 못했다","as_of":"2026-Q3","as_of_explicit":true,"as_of_raw":"3분기","source_type":"industry_estimate","comparison":"market_expectation","type":"fact","figures":{"value":65000000000,"unit":"USD","approximate":true,"converted":{"value":87000000000000,"unit":"KRW"}},"expiry_hint":null,"insight":null},{"id":"c18","statement":"유튜브 광고 성장률은 9%로, 직전 분기 13%보다 둔화했다","as_of":"2026-Q3","as_of_explicit":true,"as_of_raw":"3분기","source_type":"company_disclosure","comparison":"previous_quarter","type":"fact","figures":{"value":9,"unit":"%","approximate":false,"converted":null},"expiry_hint":null,"insight":null},{"id":"c19","statement":"알파벳의 순이익은 약 35조 원(262억 달러)으로 25% 줄었다","as_of":"2026-Q3","as_of_explicit":true,"as_of_raw":"3분기","source_type":"company_disclosure","comparison":"previous_year_same_period","type":"fact","figures":{"value":26200000000,"unit":"USD","approximate":true,"converted":{"value":35000000000000,"unit":"KRW"}},"expiry_hint":null,"insight":null},{"id":"c20","statement":"약 11조6,000억 원(87억 달러) 규모의 지분증권 관련 순손실이 이익을 깎아 먹었다","as_of":"2026-Q3","as_of_explicit":true,"as_of_raw":"3분기","source_type":"company_disclosure","comparison":null,"type":"fact","figures":{"value":8700000000,"unit":"USD","approximate":true,"converted":{"value":11600000000000,"unit":"KRW"}},"expiry_hint":null,"insight":null},{"id":"c21","statement":"알파벳은 3분기 설비투자에 약 68조8,000억 원(514억 달러)을 썼다","as_of":"2026-Q3","as_of_explicit":true,"as_of_raw":"3분기","source_type":"company_disclosure","comparison":null,"type":"fact","figures":{"value":51400000000,"unit":"USD","approximate":true,"converted":{"value":68800000000000,"unit":"KRW"}},"expiry_hint":null,"insight":null},{"id":"c22","statement":"알파벳은 같은 기간 영업으로 벌어들인 현금 약 56조6,000억 원(423억 달러)보다 많은 금액을 설비투자에 썼다","as_of":"2026-Q3","as_of_explicit":true,"as_of_raw":"3분기","source_type":"company_disclosure","comparison":null,"type":"fact","figures":{"value":42300000000,"unit":"USD","approximate":true,"converted":{"value":56600000000000,"unit":"KRW"}},"expiry_hint":null,"insight":null},{"id":"c23","statement":"알파벳의 잉여현금흐름은 약 12조1,000억 원(90억6,500만 달러) 마이너스를 기록했다","as_of":"2026-Q3","as_of_explicit":true,"as_of_raw":"3분기","source_type":"company_disclosure","comparison":null,"type":"fact","figures":{"value":-9065000000,"unit":"USD","approximate":true,"converted":{"value":-12100000000000,"unit":"KRW"}},"expiry_hint":null,"insight":null},{"id":"c24","statement":"알파벳은 3분기에 회사채로 약 38조4,000억 원(287억 달러)을 조달했다","as_of":"2026-Q3","as_of_explicit":true,"as_of_raw":"3분기","source_type":"company_disclosure","comparison":null,"type":"fact","figures":{"value":28700000000,"unit":"USD","approximate":true,"converted":{"value":38400000000000,"unit":"KRW"}},"expiry_hint":null,"insight":null},{"id":"c25","statement":"알파벳은 3분기에 시장가 주식 매각으로 약 16조6,000억 원(124억 달러)을 조달했다","as_of":"2026-Q3","as_of_explicit":true,"as_of_raw":"3분기","source_type":"company_disclosure","comparison":null,"type":"fact","figures":{"value":12400000000,"unit":"USD","approximate":true,"converted":{"value":16600000000000,"unit":"KRW"}},"expiry_hint":null,"insight":null},{"id":"c26","statement":"알파벳의 장기부채는 2025년 말 약 62조3,000억 원(465억 달러)에서 올해 9월 말 약 167조3,000억 원(1,251억 달러)으로 2.7배 불었다","as_of":"2026-09","as_of_explicit":true,"as_of_raw":"올해 9월 말","source_type":"company_disclosure","comparison":"previous_year_end","type":"fact","figures":{"value":125100000000,"unit":"USD","approximate":true,"converted":{"value":167300000000000,"unit":"KRW"}},"expiry_hint":null,"insight":null},{"id":"c27","statement":"알파벳의 9월 말 현금과 유가증권은 약 354조6,000억 원(2,651억 달러)으로, 2025년 말 약 169조7,000억 원(1,268억 달러)에서 크게 늘었다","as_of":"2026-09","as_of_explicit":true,"as_of_raw":"9월 말","source_type":"company_disclosure","comparison":"previous_year_end","type":"fact","figures":{"value":265100000000,"unit":"USD","approximate":true,"converted":{"value":354600000000000,"unit":"KRW"}},"expiry_hint":null,"insight":null},{"id":"c28","statement":"MS의 잉여현금흐름은 약 24조9,000억 원(186억 달러)으로 플러스를 지켰다","as_of":"2026-Q3","as_of_explicit":true,"as_of_raw":"2027 회계연도 1분기(7~9월)","source_type":"company_disclosure","comparison":null,"type":"fact","figures":{"value":18600000000,"unit":"USD","approximate":true,"converted":{"value":24900000000000,"unit":"KRW"}},"expiry_hint":null,"insight":null},{"id":"c29","statement":"MS의 잉여현금흐름은 비저블알파가 집계한 시장 예상치 약 11조4,000억 원(85억4,000만 달러)의 두 배가 넘는 규모다","as_of":"2026-Q3","as_of_explicit":true,"as_of_raw":"2027 회계연도 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