Astute Investment Management

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March 25, 2026

The Everything Machine: Alphabet’s AI Flywheel

Alphabet has crossed a Rubicon. No longer just an advertising giant, the company now stands as a full-stack artificial intelligence powerhouse driven by an AI-supercharged search franchise, a fast-growing Google Cloud business, and a fortress balance sheet. With the market still valuing Alphabet like a mature advertising company, Fenestra sees a compelling long-term opportunity in a rapidly compounding AI infrastructure and platform business.