- Entry
- $320.08
- Final
- $361.21 +12.8%
- Target
- —
- Score
- -1.00
Everyone talks about Alphabet like the moat is unassailable. Search is the internet. YouTube is untouchable. GCP is gaining. The bull case basically writes itself. But go one layer deeper and the picture gets more complicated. About 77% of revenue is still directly tied to advertising. That is not a diversified business — that is a concentrated bet on one economic lever. And the $175-185B capex cycle they just committed to? That is not generating meaningful AI revenue yet. It …
— ORIGINAL POST ·
$GOOGL puts — the ad moat is more fragile than the $175B capex story implies
· r/options
· Apr 2, 2026