Big Tech’s earnings get ever bigger, and ever less useful

meta, alphabet, and other big tech companies reported strong earnings again. revenue growth was solid across the board. but the numbers are getting harder to interpret — the market's focus has shifted to ai, and nobody knows who's winning that race yet. the core businesses are still printing money. meta's ad business grew, alphabet's search revenue held up. but the stock moves after earnings weren't about those numbers. they were about how much each company is spending on ai infrastructure, and whether those bets will pay off. that's a question the earnings reports can't really answer.