Alphabet Inc. remains a Buy, as I see strong long-term earnings visibility driven by business verticalization and accelerating backlog conversion. Despite recent CAPEX-driven FCF erosion, I expect high ROIC from GCP and TPUs, with payback periods under two years and robust backlog growth. Key catalysts include commercialization of TPUs, Gemini 4 Argon's competitive pricing and adoption, and GCP's multi-product lock-in effect supporting sustained growth.
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