Alphabet’s Cloud Revenue Doubled and Its Stock Still Fell 10%: Why the AI Race Is Now a Cash-Flow Test

Google Cloud revenue more than doubled, and Alphabet’s stock still fell about 10%. The reason was negative $9.1 billion in free cash flow, while Microsoft spent big on AI and still generated $18.6 billion. Here’s why investors now judge AI spending by whether it pays for itself, and what to watch when Amazon reports tonight.