Alphabet and the $163 Billion Hardware Tax
Alphabet Inc. (GOOGL) trades at a 16x trailing multiple, but a -4.46% FCF yield spread and massive AI CapEx suggest the value play is actually a capital trap.
GOOGL
Alphabet Sacrifices the Cloud to Feed the Model
With CapEx hitting $163B and a negative 4.59% spread to Treasuries, Sundar Pichai is trading high-margin cloud cash for unmonetized AI capacity.