Alphabet reported third-quarter revenue of $127.6 billion, up 25% year on year. Google Cloud revenue reached $30.7 billion, up 103%, driven by AI infrastructure and sales of TPU systems. Google Services, which include Search and YouTube, grew 11% to $96.3 billion. Despite the growth, revenue came in slightly below analysts' estimates and the shares fell sharply in after-hours trading.

What it means: The result shows where Google's centre of gravity is moving. Cloud, which was loss-making a few years ago, is now growing at a triple-digit rate, while search advertising, the traditional source of profit, is growing more slowly. This comes as AI answers change how users search and how often they click through to websites. For Greek businesses that rely on Google Ads or organic traffic, the message is that Google will keep pushing ads inside AI answers and keep changing how results look. Tracking campaign performance by result type and reducing dependence on a single channel become more important. For those using or considering Google Cloud, strong demand means more investment in regions and services, but also possible competition for AI processor capacity. Investors' reaction also shows that the market now weighs cash flow against the huge spending on data centres. For advertisers, the practical step is to review which campaigns still deliver results as search pages change.

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