When investors look at Alphabet (NASDAQ: GOOG)(NASDAQ: GOOGL), they see a dominant brand with strong top-line momentum. The search giant’s business is growing fast, with total company revenue rising 18% year over year to $113.8 billion in the fourth quarter of 2025.
But underneath the surface, the company is undergoing a capital-intensive transition to support artificial intelligence (AI).
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With Alphabet’s revenue rising rapidly while it spends aggressively, where could the stock be five years from now?