This is a great price to buy $GOOGL. Google is trading at 22x forward earnings which is one of the cheapest it's been in years. And out of the Mag 7 right now, it has one of the lowest multiples. The valuation is cheap for two reasons that are both temporary: 1. Google is in the middle of a massive AI infrastructure spend 2. They turned off buybacks to fund that buildout. When the capex cycle eases and buybacks turn back on, both of those headwinds flip into tailwinds. Another key catalyst is that Google owns the entire AI stack: - Their own model (Gemini) - Their own chips (TPUs, now selling to Anthropic and Meta) - Their own cloud - Their own distribution to billions through Android, Chrome and Search. No other company in the world owns all of that end to end. Microsoft has cloud and models but relies on OpenAI. Amazon has cloud but no consumer distribution. Meta has distribution but no cloud and no chips. Google has everything. The underlying business funding all of this is thriving as well. Google Cloud grew 63% last quarter to $20 billion with a backlog now sitting at $462 billion. Search put up $60 billion in the same quarter, up 19% year over year. This is a company spending heavily on AI from a position of strength. With earning next week, a strong print could extend the short-term move. @KyleReidhead just opened a new $GOOGL position at these levels. Want to see the full position sizing and how it fits inside the rest of Kyle's portfolio? Check the link below.