Despite Google Cloud surging 82% YoY to $24.8B (well above $22.4B estimates), Alphabet shares were flat in after-hours trading. Gene Munster of Deepwater Asset Management attributed the muted reaction to Google missing on search and operating margins, but predicted the stock "should be up tomorrow" because "the Cloud number is the most important number and it was a massive beat." This tension between Cloud acceleration and Search/Business headwinds is the defining narrative of this quarter.