Alphabet is upgraded to a strong buy, driven by overlooked long-term AI infrastructure and merchant silicon strategies. GOOG's off-grid data center buildout and dark fiber network with Verizon unlock stranded energy, lowering OpEx and boosting ROIC beyond 25%-40%. Transition to merchant silicon, including TPU exports and Axion CPUs, derisks $205B CapEx and targets $84B–$108B in new cloud revenue by 2027/28.
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