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As far as I know the Google bot will index text inside of inline SVG, this has been answered already. However I don't know this applies to text that was generated through JavaScript.
Here is an example: http://jsbin.com/ruhizorufe/edit?html,js,output
Will the text of the word cloud be indexed?
As long as Google has access to your javascript files (ie: your robots.txt file doesn't exclude access to the javascript file in question) then Google will be able to index the page with no worries.
