Alphabet Inc. shares have gone nowhere for months, trailing Magnificent Seven peers as investors struggle to price risks confronting the company. It’s a stretch to believe Tuesday’s results will blow away those concerns.
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Alphabet shares are essentially flat over the past six months, the weakest performance among the megacaps. The Bloomberg Magnificent 7 Total Return Index has risen nearly 26% over that period. Alphabet’s fundamentals and valuation discount stand out among big tech, where investors are increasingly wary about the long-term growth outlook and demanding share-price multiples.
While AI has boosted demand for the company’s cloud-computing services, Alphabet is also on the defensive protecting its internet search market share from AI alternatives.
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