Yes and... parent was making the aggregate conglomerate profitability growth case instead of the single-product one.
Wall Street generally cares about the former more, unless the single-product is only-product.
In this case, that's the fundamental question about Google: is it only an ad company (in which case those numbers are the only ones that matter) or more (in which case total corporate revenue is more important)?
For Wall Street, I think they feel like Google/Alphabet is just an advertising company.
Everything else is an also-ran, and doesn’t materially affect anything, unless it costs a huge amount and doesn’t provide a suitable ROI. And here, AI and mega data centers would definitely be a problem — way too much capex, not nearly enough ROI.