Google's stock price plummeted after hours. Just released its earnings report, and the stock immediately dropped by about 7% to 10%. This is ridiculous. Cloud revenue doubled in a year, reaching $30.7 billion, a year-on-year increase of 103%, and it's almost catching up with Azure. Operating profit also increased by 30%, and the Cloud profit margin reached 36%. These results look okay, but the ESP (Earnings Per Share) fell short of expectations. EPS was only 2.12, while the expectation was just over $3. This is the first time in nearly four years that both revenue and profit have missed expectations. Looking at the reasons for the sell-off: Advertising performance faltered. Search underperformed, resulting in a shortfall of approximately $1.4 billion in advertising revenue. Google relies heavily on search advertising, and a slight drop in this area negatively impacts market sentiment. Furthermore, there's a paper loss of approximately $8.7 billion on equity investments. The company footnote states: Net profit was $6.7 billion lower, and EPS was reduced by approximately $0.55. This segment was profitable last year, but this year it's a major blow. The most disheartening thing is that free cash flow was negative for two consecutive quarters, reaching approximately $9.1 billion. Capital expenditures reached $51.4 billion, and another $195 billion to $205 billion is expected for the whole year. The CFO even said that more spending will continue in 2027. The market crash is mainly due to a lack of enthusiasm for AI; the question is how much will be left after burning through all the money? Buy US stocks at @MSX_CN