Alphabet faces a pivotal tension: Gemini AI could disrupt its core search ad business, yet also drive future growth. GOOGL posts accelerating top-line growth—four quarters of 16–24% sales increases—while reported earnings are distorted by large unrealized investment gains. Despite strong long-term outperformance, GOOGL has underperformed the market year-to-date, with technicals signaling recent selling pressure and momentum weakness.
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