That meganumber is the amount of money that Alphabet, Google’s parent, will spend buying back stock. Alphabet also increased its quarterly payout to 21 cents from 20 cents, lift

Bernstein Research analyst Mark Shmulik said in a note to clients that Alphabet GOOG GOOGL, by most accounts, “delivered a pristine quarter.” But he wonders if investors are paying enough attention to fundamentals, in a market where headlines are driving so much of the narrative.

Google parent Alphabet unveiled a $70 billion share buyback and beat quarterly revenue estimates on Thursday, benefiting from steady growth in its digital advertising business.