Apple, Microsoft and Alphabet each reported impressively robust earnings results for the June quarter, demonstrating that these giant companies continue to go from strength to strength even as they face greater regulatory scrutiny. If there is any downside for the companies and their shareholders, it’s that the results will only concentrate critics’ minds about their sheer financial strength.

It’s difficult to decide which of the three was the most worthy of note. Microsoft delivered its strongest revenue growth since 2008. Alphabet not only reported stunning revenue growth of 62%, it also kept expenses under control so well that its operating profit margin hit 31%, several percentage points above what Alphabet typically reports. Apple posted a 36% topline increase. Every part of its business expanded.