Jain: Google's operating margin would be single digits without depreciation changes
Rajiv Jain · Contrarian Quality at GQG Partners – Rajiv Jain (EP.505) · Jun 8, 2026 · at 32:36
Rajiv Jain of GQG Partners questions the true underlying quality of hyperscaler operating margins, highlighting accounting adjustments on server depreciation.
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“If you look at Google, if they had not changed the depreciation policy, the margin would be high single digits, operating margin.”
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