Aaron Sorkin's script for the new movie "Steve Jobs" has drawn some rave reviews, but even he probably couldn't have written a better story for the three big tech companies that reported results last night.

Google, or Alphabet (GOOGL) as it's now known, Microsoft (MSFT) and Amazon (AMZN) beat Wall Street expectations. All three saw their stocks jump almost 10% in after hours trading. With a combined market cap of over $1 trillion, that's almost a $100 billion move. And if you compare what happened here with how the market is reacting to older tech companies like IBM (IBM) and EMC (EMC), a very clear story emerges -- mobile and cloud, cloud and mobile, that's what it's all about.

Start with Amazon. The world's biggest online store used to struggle convincing Wall Street that it had a real business model. But the past few quarters have been different since Jeff Bezos decided to reveal separately the results at his cloud services unit, Amazon Web Services. Overall, Amazon reported $25.4 billion of revenue, ahead of $24.9 billion expected by analysts, and a surprise profit of 17 cents a share, versus a loss of 13 cents expected by analysts. And it's AWS that's driving the train. Its sales were up 78% to over $2.1 billion with an operating profit of $521 million. There aren't many parts of the tech market that are growing at 78%, but the cloud is and Amazon is clearly in the lead.

Then you have Microsoft. It's kind of funny, a year or two ago, before Satya Nadella took over for Steve Ballmer, Microsoft was more in the IBM, EMC category of companies struggling to adapt to the new era. But Nadella has really turned things around, at least as far as Wall Street is concerned. Adjusted revenue at Microsoft is shrinking, it was down 7% to $21.7 billion. But a lot of that decline was the money losing phone business Nadella has been scaling back -- revenue there was cut in half, down 54%. Other parts of the business look much healthier. Office 365, the online subscription version of Office, saw revenue jump 70%. Its Azure cloud services unit for businesses doubled its revenue.

At Google, now Alphabet, Wall Street was equally pleased. Investors will have to wait one more quarter for the promised new unit results format, though. Alphabet's total revenue rose 13% to $18.7 billion. Wall Street analysts expected only $18.4 billion. Adjusted earnings per share of $7.35 beat expectations of $7.21.

Next quarter, Alphabet will separate out the core (and very profitable) Google businesses from the money-losing early stage efforts like self-driving cars and home automation.

Google is the original cloud company, so what investors like here was a little more Wall Street, shall we say. New CFO Ruth Porat, who joined in May from Morgan Stanley, has helped Alphabet set itself up for success -- and this quarter she did it again. Revenue rose 13% but expenses rose only 9%. Alphabet also announced its first-ever stock buyback, a modest $5 billion, but a start. Porat has been promising tighter expense discipline and smart use of capital and that's what she delivered.

Still, all three companies still face challenges. They may be in a better position than the older tech companies, but they could still stumble.

Wall Street is anticipating that Amazon's cloud business will grow to the moon but it remains very early days. And ecommerce sales still aren't showing a profit. Microsoft has successfully put the focus on the strong parts of its business, but it has a lot of revenue and much of its profit still tied up in old fashioned Windows and Office licensing. And Google may have nailed the cloud but mobile, where people spend less time on the Internet and more time in apps, is somewhat of a threat. But not today, at least on Wall Street.