Alphabet: Insane Performance, With Future Strength

The article argues Alphabet (primary: GOOG.OQ) remains a strong market performer driven by AI and Cloud momentum. Revenue growth (~15% YoY) and net income (+32% YoY) are boosting margins while Google Cloud (revenue +48% YoY) and the Gemini AI initiative are fueling adoption (including reported ties with Apple). Management’s aggressive capex plan—guiding ~$180 billion for 2026—signals confidence in scalable AI/cloud demand but raises investment risk if growth slows. Alphabet also holds strategic equity positions in SpaceX and Anthropic (each cited as >3% of market cap) that could unlock material upside if monetized. Valuation remains elevated but not extreme (forward P/E ~29x), supporting a constructive, broadly bullish view with caveats on capital intensity and concentration risks.