Alphabet fell about 9% after hours after Q3 earnings on Oct 28, quoted around $294.6-294.85 on Gate and KuCoin perps, down 9.4% [cex_quotes](internal).

Alphabet fell about 9% after hours after Q3 earnings on Oct 28, quoted around $294.6-294.85 on Gate and KuCoin perps, down 9.4% [cex_quotes](internal).

Cloud was the beat: revenue up 103% to $30.71B vs about $29.1B expected, with operating margin 36.2% vs 33.5% expected and operating income $11.1B vs $3.6B a year ago, per KyleReidhead.

The plunge came from the rest: EPS $2.12 vs $3.00-3.02 expected on an $8.7B loss on equity investments, plus revenue $127.58B roughly in line, per Coinbureau.

Search grew 12% to $63.4B vs $64.9B expected, slowing from 17%, fueling fears agents are pressuring Search despite Sundar Pichai saying query growth was strongest in 5 years, per KyleReidhead.

AI spend spooked too: capex $51.4B, free cash flow negative $9.07B, second negative quarter in a row, and shared AI costs up 71% to $7.7B.

Microsoft rose about 6% the same night on $92.3B record revenue, Azure $33.2B up 48% and $677B backlog, sharpening the contrast, per Coinbureau.