Google's results tonight: Revenue was 127.6 billion, up 25% year over year, largely in line with expectations; cloud revenue was 30.7 billion, double its year-ago level and above expectations. The miss was earnings per share: $2.12 versus $3.02, mainly due to 8.7 billion in losses on equity investments, not a collapse in the core business. What the market really didn't like was cash flow: capital expenditures of 51.4 billion for the quarter and negative free cash flow of 9.1 billion, while search growth slowed to 12%. In short: operational performance wasn't bad, but AI spending is excessive, and the returns haven't materialized yet. This is very similar to Meta's results, which explains the after-hours decline. $GOOGL

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