Alphabet Is Shifting From An Alpha Bet To Tech's Best Stalwart

Alphabet Inc.'s AI capex spend of $85 billion for the year is validated by a $106 billion record cloud backlog. Return on investment is completely tangible and visible. Even with strong AI demand, total growth is moderating, and without heavy margin expansion from automation, GOOGL stock's valuation multiples will contract long-term. Management can offset lower-growth risk with buybacks and a dividend strategy.