Alphabet reported Q2 (quarter ended June 30) cloud revenue of $24.77 bln, up 82%
YoY and above analysts' $22.34 bln estimate. Search advertising revenue was
$63.27 bln, marginally below the $63.28 bln forecast. The mix — cloud beat,
search slight miss — may heighten market concern over Alphabet's large
AI-related spending. Alphabet is the first major U.S. tech company to report
this quarter, offering an early read on sector results.