Barclays on Alphabet GOOGL : “Cloud was once again the standout performer, growing 103% y/y, reflecting the first small wave of TPU-aaS revenue.” “The comment about ‘prioritizing user experience first’ (followed by monetization later) admittedly gave us a bit of PTSD...” “It's becoming clear that blue-link queries aren't growing nearly as fast as total queries, and we worry that more aggressive agentic product flows in Search in '27 may exacerbate this trend.” “Fair to say this is an investor ‘code yellow’, but not some kind of AI roadkill situation.” “At 14x '28 EPS with slowing ads growth in '27, shares are still attractive, but may stay under pressure for a bit.” 29-OCT-2026 05:23 AM ET