Should You Buy Alphabet Stock Right Now?

Alphabet's stock has declined 18% from its May high despite accelerating revenue growth (24% YoY) and expanding profit margins. However, the company's aggressive AI infrastructure spending has pushed free cash flow into negative territory at -$5.9 billion in Q2, with capital expenditures doubling to $44.9 billion. The analyst considers the stock reasonably valued at a forward P/E of 22, noting that Google Cloud's improving profitability suggests the heavy AI spending is beginning to generate returns, though risks remain if spending outpaces payoff.