Summary

• Alphabet (GOOG) is both a strong growth business and undervalued, trading at a P/E of 19, well below tech peers and the market average.
• Recent stock underperformance is due to antitrust risks, AI investment concerns, competition, and Apple's potential search engine shift, but these are already priced in.
• Google's extensive data infrastructure, AI leadership, and significant vertical integration position it to compete effectively in the AI race and maintain its search engine position.
• Given its unique strengths and discounted valuation, Alphabet warrants consideration for long-term investors, with potential for long-term appreciation.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in GOOG over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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