Google’s earnings power is holding up well, even as the internet giant spends record sums on artificial intelligence in the midst of global economic turbulence.

Parent company Alphabet reported operating income of $30.6 billion for the first quarter on Thursday—solidly beating Wall Street’s forecast of $28.7 billion. Revenue rose across the company’s business units but was largely in line with analyst estimates. Capital expenditures reached a record $17.2 billion in the quarter.