I think Ash would be angry as well as hurt. He's a passionate trainer and his friends mean a great deal to him. He might challenge May in a Pokémon battle, not to defeat her but to make her see how wrong her betrayal is. And during the battle, he would keep asking her to come back to their old friendship.
Ash would be extremely hurt. He's a very loyal person, and having someone he cares about like Lillie betray him would be a huge blow. He might initially go into denial, not believing that Lillie could do such a thing.
Ash would initially be heartbroken. He has shared so many adventures with May, and this betrayal would shatter his trust. He might go off on his own for a while to think things through. When he comes back, he could be more determined than ever to prove himself without May. He might also be a bit more cautious when it comes to making new friends. His Pokémon would sense his distress and try to comfort him, but it would take a long time for him to fully get over May's betrayal.
Ash could get angry. He has a strong sense of justice, and he might feel that May has violated their friendship. He could challenge her, not in a violent way, but more in a way to get an explanation and to try to make her see the error of her ways. He would likely be determined to show her that what she did was wrong.
Ash would be extremely devastated. Pikachu is not just his Pokémon but also his closest friend. He would likely first try to reason with Pikachu, not believing that Pikachu could truly betray him. He might be in denial for a while.
Ash would likely be shocked at first. He's so used to seeing the good in people, especially fellow trainers. But then he'd probably get angry and determined to set things right. He has a strong sense of justice, so he wouldn't let the betrayal go unpunished.
Ash would probably be initially shocked. He is used to seeing the good in people and would not expect such a betrayal from Cynthia. He might stand there in disbelief for a moment, unable to process what has just happened.