Alphabet is consolidating near long-term averages, trading ~18% off its 52-week high, as CAPEX-driven FCF concerns persist. GCP's explosive growth—Cloud revenue up 82% YoY and EBIT margin at 36.5%—positions GOOG for significant margin expansion and higher valuation multiples. I expect catalysts from TPU commercialization, Gemini 4 Argon adoption, agentic AI, and a $514B GCP backlog conversion to drive future upside.
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