Alphabet (GOOGL) Alphabet trades at USD 279.84 (2026-11-01), down 1.40% on the day and 31.5% below its 52-week high of USD 408.61, sitting in the bottom 6.6% of that range. The Q3 print disappointed: search growth slowed as AI answers bite into the core franchise, and free cash flow stayed negative on capex near USD 200bn a year, sending the stock down sharply . Cloud is the offset — backlog reached USD 561bn, up USD 47bn quarter-on-quater . At 14.6x trailing and 14.1x forward earnings, versus a 22.3x forward average, much of the capex worry looks priced in. Key risks: search monetisation erosion and antitrust outcomes.