Alphabet’s bold AI ambitions come at a steep cost. An eye-watering $85 billion in CapEx raises questions about capital discipline, while margins of 32.4% face pressure as investments weigh on profitability. EPS gains appear partly driven by one-offs, masking underlying challenges. Coupled with mounting antitrust scrutiny, Alphabet’s 28x P/E valuation may be overstretched. For cautious investors, Alphabet’s current trajectory feels speculative — better suited to risk-tolerant traders or those seeking alternatives like Ethereum exposure.
