Deepwater's Gene Munster assessed Alphabet's Q2 results on CNBC: "stock should be up tomorrow" despite the flat after-hours reaction. Munster characterized the quarter as a "massive beat" on cloud offset by a marginal search miss and capex-driven margin pressure. The $24.77B cloud figure shattered the $22.4B consensus — 82% YoY growth accelerating from 63% in Q1 — while the search miss ($63.3B vs $63.4B) was within 0.16%. The after-hours flatness reflects the market's AI spending anxiety: $44.9B quarterly capex with negative free cash flow tests investor patience even as cloud and AI products accelerate.