$GOOGL trades at 133x free cash flow.
For context: its pre-COVID multiple was ~20x. And free cash flow hasn't grown since 2021. GQG Partners — one of the world's top institutional investors — just published a full research note titled: "Not Much Alpha Left in This Bet." Their three concerns: 1. AI is cannibalizing Google's core search revenue. Over 50% of searches may now end without a single click. No click = no ad impression. 2. CapEx is exploding. Google Cloud's capital spending now exceeds the revenue it generates. $175–185B in CapEx planned for 2026. Google Cloud generated $ 59B in revenue in 2025. 3. Advertising is cyclical. When the economy slows, ad budgets are the first to be cut. The last time this happened — 2022 — the stock fell 40%. Is Alphabet priced for perfection ? Source: Thierry from arvy @ThierryBorgeat
The Rise of Alphabet
Source: The Market Mind
Google portfolio
Source: Stocks World
$GOOGL Alphabet owns ~6% of SpaceX and 14% of Anthropic with its long-term investment portfolio now above $100B.
That portfolio was marked up by ~$40B this quarter as Google now has direct ownership in two of the hottest potential IPOs in market history. Source: Shay Boloor, Fiscal.ai
This GOOGL Complex basket is up +45.81% in April, shattering prior monthly % moves.
Source: Bloomberg, RBC
Alphabet $GOOGL fell below its 50-day moving average last week and now sits right at the 100-day
If that breaks, a return to the 200-day MA might be in play Source: Barchart
GOOGL selling 100-year debt 😯
Source: Bloomberg
Alphabet has attracted >$100bn of orders for a bond sale that’s expected to be ~$15bn, BBG reports, citing people with direct knowledge of the matter.
The demand is among the strongest ever seen for a corporate bond offering, showing investor hunger to buy debt tied to the AI boom. Alphabet has also mandated banks for potential Swiss franc and Sterling debt offerings, including a rare 100-year Sterling note. Source: Bloomberg, HolgerZ
