Google & Tesla earnings, in 10 seconds: Both beat on revenue. Neither beat on real profit. Google's EPS looked huge because it owns a chunk of Anthropic, and Anthropic's valuation tripled this quarter. That gets booked as ~$80B in paper income, not actual cash. The real business grew fine (Cloud up 82%), but AI spending doubled too, and that's what spooked investors. Tesla sold more cars than ever, revenue up 26%. But profit per car got squeezed hard. EPS missed and was down 18% from last year. They're burning cash fast building robotaxis and new factories. Bigger sales, thinner profits, nervous markets.