Alphabet Is Up 21% in a Year but 23% Off Its High: Take Profits, or Buy More?

Key TakeawaysAlphabet stock is up 21% in the past year but 22% below its May high, after the company began paying for its AI buildout with new stock and a much bigger capex budget. The selloff looks overdone: the stock trades right at its five-year average forward P/E, and analysts expect normalized EPS to grow about 24% a year through 2028.