Google I/O was a product flex, but the stock barely moved. What is the market missing?

$GOOGL I/O felt like $GOOGL saying Gemini is moving from chatbot to action layer across Search, YouTube, Workspace, Chrome, Android, shopping, dev tools, and eventually glasses. The important numbers were scale and speed: AI Mode is now over 1B monthly users, queries have more than doubled every quarter, and Google claims Gemini 3.5 Flash is much faster on output tokens. That matters if cheaper/faster inference lets Google run agents at massive scale. But the stock reaction was muted because investors still need the financial answer: does this protect Search ads, drive Cloud/TPU demand, and offset higher AI compute costs?