$Alphabet - C(GOOG.US)Google Cloud's Big Bang: This is the brightest growth engine in the entire earnings report. Cloud business revenue broke through the $20 billion mark (actually reached $20.02 billion, significantly beating the expected $18.05 billion), with strong growth. This is real competitive pressure for Amazon AWS and Microsoft Azure. The market had been worried that the tech giants' sky-high capital expenditures (CapEx) on AI computing power would drag down profits, but the expansion of Google Cloud's profit margin proves that investments in AI infrastructure are generating real returns.$Microsoft(MSFT.US)$Amazon(AMZN.US) So this is the reason for their after-hours drop!