Alphabet’s stock more than doubled on a simple, spectacular, and staggering premise: it built an AI engine so powerful it can’t keep it fed.
If you held Alphabet (GOOGL) over the last year, congratulations. While the S&P 500 put up a perfectly respectable 26.4% gain, you watched your shares climb 112.9%. While peers like Microsoft (MSFT) and Meta (META) stumbled, you lapped them. The question is, what exactly did you buy into?
This wasn’t a story about a scrappy comeback. It was a story about a giant waking up and demanding to be fed. The narrative that re-rated this stock over twelve months, capped by a stunning earnings report, was the explosive, undeniable arrival of its AI business as a commercial force.
