Should You Buy Alphabet Stock Down 10% From Its All-Time Highs?

Alphabet has delivered strong business performance with 22% revenue growth and 30% operating income growth in Q1, driven by Google Search's 19% YoY revenue increase and Google Cloud's 63% revenue surge. However, the stock is trading at historically elevated valuations based on cash flow metrics, though comparable to peers like Microsoft and Apple. While the company remains a solid long-term pick, current high valuations limit near-term upside potential.