Is Alphabet the Best "Magnificent Seven" AI Stock?

Alphabet's Google Cloud business is growing at 63% year-over-year with operating margins expanding to 32.9%, outpacing rivals like AWS and Azure. The company trades at a market-average 28x earnings despite cloud growth and strong search performance, making it potentially undervalued. However, massive capital expenditure plans ($180-190B in 2026) and regulatory risks pose challenges.