Since early February, when Google-parent company Alphabet (GOOGL) reported its Q4 results, the stock has been treading water, significantly underperforming the S&P 500 (SPY), and struggling to register new highs. The main concerns currently weighing on Alphabet investors boil down to a potential slowdown in the company’s primary revenue driver, Google Search, and sluggish growth in Google Cloud, supposedly its fastest-growing segment.

As a long-term Alphabet bull, I believe these concerns are short-term issues. Alphabet’s Search segment continues to grow at double-digit rates, benefiting from AI trends rather than being hurt by them. Meanwhile, the slowdown in Google Cloud growth doesn’t impact margin gains, which should be…