The market will be watching two things above all else: capex guidance and monetization language... the debate has shifted from "how big is capex" to "who proves monetization and returns."

The market will be watching two things above all else: capex guidance and monetization language... the debate has shifted from "how big is capex" to "who proves monetization and…

The tepid share reaction despite the cloud beat, which offsets the search miss, reflects concerns over what the company will say about future capex and into 2027.