Alphabet's (GOOGL) summer slump has deepened, lagging in the AI model race behind OpenAI and Anthropic, with Meta's new Muse agent intensifying competition. GOOGL's strategic focus is now on Google Cloud and its TPU hardware, offering superior price-performance and potential revenue diversification beyond advertising. TPU sales and infrastructure optionality are positioned as critical growth drivers, with Wall Street projecting up to $730 billion in revenue by FY2028.
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