How Elon Musk's SpaceX triggered an $11 billion earnings shock for Alphabet

Impact · against what's priced in

The earnings miss for Alphabet is largely driven by a non-cash accounting loss on SpaceX and AI-related capex, both of which are secondary to the core drivers already priced into the stock. While Google Cloud's 103% growth is impressive, the market's current valuation reflects a skepticism toward AI-driven margin expansion that this report does not resolve.

GOOGL−0.40

Challenges what's priced in

The price assumes