Ayoko Yoshioka

No, Caroline, we're not selling on this.

You know, these companies are still high-quality companies, and they're still growing very quickly.

I think it's just an adjustment from a valuation standpoint in terms of what are these companies worth over the long term?

How much longer are they going to be spending at these levels?

Because the issue for investors is really just the sort of collapse in free cash flow that we have been just grown accustomed to

These companies used to return so much of that free cash flow to shareholders, and now it's being spent for investment for good reason.

And over the long term, this should help them grow.

However, it just means that the investor kind of gets put to the side for a little bit.

Absolutely.

I mean, with the cloud business growing 48%, well beyond what investors were expecting at around 30%.

If that continues, the investment that they're doing is justified.

And I think investors will eventually reward them for that.

It's just in the meantime, just recalibrating really what you want to pay.

And the momentum had been so strong for Alphabet going into earnings that there's just a little bit of a...

take profit attitude going on in markets.

It's a great question.

I mean, Microsoft missed by 0.4%.

They posted 39% instead of 39.4.

And yet Google really sort of blew it out of the water.

And I really feel like it's that focus on that CapEx spend in 2026