$Alphabet - C(GOOG.US) dips slightly more. Now down 4% on CFOs comment that Cloud margins they will go down in the back half of this year because they need to go to third parties, aka $SpaceX(SPCX.US) , to meet the demand. $Alphabet - C(GOOG.US)
As for TPU's would not answer the question about margins on TPU vs Cloud, now at 35.6% which is a record. TPUs are likely dilutive to margins but it's still small.Source: Gene Munster
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