The Bet Alphabet Holders Made

If Alphabet sat on your watchlist instead of in your portfolio, the past year may feel like a missed shot. For Alphabet shareholders, the return over the past year was 23.5%, including dividends. That outcome did not arrive in a vacuum. Back on 23 October 2025, analysts were already arguing over how far AI powered cloud services and infrastructure spending might reshape Alphabet’s earnings mix. The key question is whether belief in AI driven cloud scale was the crucial call to make back...