Google Was the Next Nvidia All Along, but It Might Be Making a Big Mistake

Quick Read

• Google (GOOGL) is a Hold; most bullish outcomes already priced in.

• Cloud’s 50%+ growth sustained through 2026 is the strongest argument supporting the Hold rating.

• The analyst who called NVIDIA in 2010 just named his top 10 stocks and Google wasn’t one of them. Get them here FREE.

At $390, Alphabet (NASDAQ:GOOGL) finally earned its place alongside Nvidia (NASDAQ:NVDA) in the AI conversation is now trading its fortress balance sheet for the right to spend like a utility.

Alphabet has the rare full stack. Search and YouTube remain two of the most-visited destinations online. Cloud is compounding at 63% growth on $20.03 billion in quarterly revenue, sitting on a $462 billion backlog. Gemini lives inside the API, the consumer app, and Search itself.

The complication is on the cash flow statement. Capex more than doubled year over year in Q1 2026, free cash flow fell 46.6%, and 2026 capex guidance now sits at $180 billion to $190 billion. Long-term debt climbed from $22.6 billion in 2024 to $90.5 billion by March 2026.

The analyst who called NVIDIA in 2010 just named his top 10 stocks and Google wasn’t one of them. Get them here FREE.

What the bulls actually own here

Alphabet just posted $109.90 billion in quarterly revenue, beat consensus EPS by 94.1% at $5.11, and expanded operating margin to 36.1%. Cloud operating income tripled to $6.6 billion, and revenue from products built on Gemini grew nearly 800% year over year.