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“That uncertainty is causing people to reassess where they are at and take profits,” Leonard told MarketWatch in a phone interview on Tuesday.

And while debt financing is “not always a bad thing,” if the market sees a continued need for debt and there are no rate cuts, the dynamic could weigh heavily on the hyperscale cloud stocks.

Huge sporting events require a lot of planning, permits and workers to make them happen, which is why they are often coordinated many months or even years in advance.

Meanwhile, the three analysts whose estimates are listed for adjusted net income project $22 million on average.

Up about 7%, they dramatically lag Alphabet shares, which are the group’s leader.