Buy the AI Platform, Monitor the CapEx: A Practical Long on Alphabet
Alphabet is trading well below its 52-week high after a pullback, leaving an asymmetric risk/reward for investors who believe the company will continue to win in AI and cloud. Near-term capital intensity is a real headwind - reflected in a rich price-to-free-cash-flow multiple - but several structural catalysts (hyperscaler chip orders, third-party…