Equity Mates · Nov 8, 2026 · 35m · 24m saved
With Bryce Leske, Co-host of Equity Mates · Alec Renehan, Co-host of Equity Mates
Alphabet's cloud revenue rose 103% last quarter, and its shares still fell 13%, the company's largest one-day drop since 2004. Bryce Leske and Alec Renehan, who goes by Ren on air, covered the quarter on Equity Mates in their monthly update on their own portfolios. The cloud business was booming. Search, the core of Alphabet's profits, grew just 12%, and both hosts linked the slowdown to Google's own AI answers.
"Revenue rose 25% to 127.6 billion. Their cloud business absolutely smashed it. Revenue rose 103% to 30.7 billion. However, shares dropped 13%. It was their largest one-day fall since 2004." — Bryce Leske
Bryce and Ren invest their own money in the stocks they discuss and report the results every month, winners and losers alike. October was a down month for both of them.
The full episode is covered here so you can skip it. 35 minutes of audio, 11 minutes of reading.
Here are the 15 moments that matter.
Key Takeaways
Alphabet's search revenue grew only 12%, down from 19% in the first quarter, and Bryce will not add more
A leaked memo floating a spin-off of Sea's banking unit has Ren ready to sell
Two weight-loss drugs now bring in two-thirds of Eli Lilly's revenue
Fund managers mostly invest for six months, which Ren sees as an edge for individual investors
Grab's adjusted EBITDA rose 73% while its actual profit went from $17M to $18M
Shopify has taken nearly half of US e-commerce growth since the start of 2025
1. Data-Center Doubts
The Reserve Bank of Australia raised rates for the fifth time, after October inflation came in at 4.3%, up from 4%. The US Fed held steady despite inflation above its target. US GDP grew at a 3.4% annual rate and corporate profits rose 30% from a year earlier, which Ren partly credited to spending on data centers.
Ren says the data-center theme turned sour in the middle of the month
The IPO of Firmus fell over
NextDC's Melbourne data center could not get connected to power, and the stock fell 42% in a day
CoreWeave's bonds fell into junk territory, and Elon Musk predicted the smaller "neo clouds" will not survive
Alphabet and Amazon both reported burning cash for the quarter, while Microsoft rose on its free cash flow
