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When the earnings report was first released, I almost misjudged the market's attitude. Using the last full hour before the earnings as a benchmark, GOOGLE's first hour after the report fell 4.1%, heavier than TSLA's 2.5%. At this point, my first reaction was: the market was more worried about Google's nearly $45 billion quarterly capital expenditure bill. But eight days later, Google basically recovered the losses, and Tesla was still about 16% lower than before. That's interesting. Both companies' revenues grew by about 25%, both heavily investing in AI. They also experienced negative quarterly free cash flow, so why did two completely different pricing paths emerge in the end? Back to the income statement, I want to answer two questions: Who already has enough profits to pay for this round of AI investment? If you can only hold one long-term, who should you choose at the current price? Let's first look at the most direct profit margin. When you put the two income statements side by side, the most striking part isn't revenue, but operating profit. Alphabet (Google's parent company) posted second-quarter revenue of $119.796 billion, up 24.2% year-on-year; Operating profit was $40.77 billion, up 30.4% year-on-year, with operating margin rising to 34.0%. Tesla's revenue was $28.236 billion, up 25.5% year-on-year; Gross profit also grew by 22.5%, but operating profit fell from $923 million to $398 million, a year-on-year decrease of 56.9%, with operating margin down to just 1.4%. Revenue growth was only 1.3 hundred percent behind