Alphabet Inc. (GOOG): A Bull Case Theory

We came across a bullish thesis on Alphabet Inc. on Stock Analysis Compilation’s Substack. In this article, we will summarize the bulls’ thesis on GOOG. Alphabet Inc.’s share was trading at $191.15 as of July 21^st. GOOG’s trailing and forward P/E were 21.33 and 20.00, respectively according to Yahoo Finance.

Alphabet Inc., the parent of Google, commands one of the most formidable and enduring competitive moats in modern business through its tightly integrated digital ecosystem anchored by Google Search, YouTube, and Android. These platforms are deeply woven into the daily lives of billions of users, providing Alphabet with unmatched data, infrastructure, and network effects that reinforce its dominance.

Google Search, the world’s leading search engine, benefits from a self-reinforcing loop in which each query improves its algorithms, creating technological and data-driven barriers nearly impossible for competitors to overcome. YouTube, the global leader in online video, strengthens this advantage through powerful network effects that attract creators and viewers at a scale no rival can match, while Android, the most widely used operating system, ensures Google’s services remain default on the majority of smartphones worldwide.

This ecosystem powers Alphabet’s highly effective digital advertising business, offering unparalleled targeting and measurable ROI that has secured a significant share of the secular migration of ad spending from traditional to digital channels. Beyond advertising, Google Cloud has emerged as a fast-growing pillar, leveraging the company’s infrastructure, data analytics, and AI expertise to compete in the expanding cloud market.

Alphabet’s disciplined innovation framework, separating core businesses from long-term “Other Bets” such as Waymo, enables investment in transformative technologies without diluting operational focus. Robust free cash flow generation supports a large-scale capital return program, underscoring a commitment to shareholder value. Collectively, Alphabet’s unassailable assets, scale, and strategic execution position it as an indispensable, compounding enterprise with durable long-term growth potential.

Previously, we covered a bullish thesis on Alphabet Inc. (GOOGL) by LongTermValue Research in April 2025, highlighting its dominance in search, YouTube, cloud, Android, and Waymo with strong free cash flow growth. The stock has appreciated about 21.7% since, as fundamentals held. Under The Radars shares a similar view, emphasizing Alphabet’s unassailable digital ecosystem and disciplined capital allocation.

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Disclosure: None.