If growth rates continue for 5 years, Cloud will print ~$10B per quarter in profits in 2028 - that's about 50% of search currently...

That would make Cloud by itself one of the 50 biggest companies in the world in terms of profits...

Companies are valued at profits for 10+ years. So Cloud continuing its promising growth trajectory is a very good thing for investors.

Obviously growth rates are unlikely to stay as high as they are for 5+ years - but the outlook for Cloud & Google - is still very promising.