Is Alphabet Stock a Buy After Its Post-Earnings Drop?

Alphabet's stock fell ~10% after Q3 earnings despite 25% revenue growth to $127.6B and Google Cloud revenue doubling. While underlying profits grew 22% year-over-year (excluding investment losses), the company faces margin pressure from massive AI spending. Free cash flow turned negative for the second consecutive quarter as capital expenditures more than doubled to $51.4B. The author suggests the stock is reasonably valued at 19x 2027 earnings and considers it a buying opportunity, though acknowledges cash flow challenges may persist.