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.

Class A shares of Alphabet Inc (NASDAQ: GOOGL) are up 3.3% at $164.52, after the Google and YouTube parent topped Wall Street expectations with its first-quarter report. The company posted earnings of $2.81 per share on revenue of $90.23 billion, beating analyst estimates of $2.01 per share and $89.12 billion.