Alphabet Continues To Be A Steal

Alphabet's Q2 results show accelerating revenue growth and robust operating margins, with Google Cloud delivering standout performance and margin expansion. Despite soaring CAPEX and a short-term plunge in free cash flow, I view AI infrastructure investments as essential for long-term growth. Valuation remains attractive, with the P/E ratio still showing undervaluation relative to fundamentals and sector peers, supporting further multiple expansion.