Kevin Riley breaks down the post-earnings divide between Alphabet (GOOGL) and Microsoft (MSFT), arguing Alphabet’s massive CapEx plans and free-cash-flow pressure could leave shares sidelined for a couple of quarters despite strong search and Google cloud growth. He favors Microsoft for its positive free cash flow and earnings strength, while also discussing Apple (AAPL) and Meta Platforms (META) as investors increasingly scrutinize AI spending and returns. He still sees longer-term upside in Alphabet, citing cloud, YouTube, Waymo and its AI investments.