Quick Note: Google released earnings after the close. Here are two quick observations: (1) Cloud is smaller than Amazon Web Services and Microsoft Azure, and a smaller part of Google's business, but still Growing Fast! (see table). (2) Google is Rapidly Accelerating spending on Artificial Intelligence (currently categorized in "Unallocated Corporate Costs") (see table 2).
Shares are up in afterhours, but that can change quickly. We own shares of Google in our Blue Harbinger Disciplined Growth Portfolio (it is currently our largest position).