Alphabet generated quarterly revenue of $127.6 billion, up 25% year over year, while Google Cloud more than doubled its revenue to $30.7 billion. Earnings per share nevertheless came in at $2.12, versus $3.02 expected, partly because of an $8.2 billion unrealized loss on SpaceX. Quarterly capital expenditure of $51.4 billion pushed free cash flow to negative $9.1 billion and sent shares down 10% after the close. OpenAI is reportedly planning to buy Google TPU chips, which could reduce its reliance on Nvidia, while massive artificial intelligence spending weighed on the Nasdaq and Bitcoin. More than $11 billion in Bitcoin options are set to expire on Deribit on Friday, October 30, amid market liquidity concerns.
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