Buy GOOGL by Mar 3, 2026.

Thesis: High-quality business with durable competitive advantages trading at a reasonable price, now with improving capital allocation. Moat: Search dominance (90% share) and network effects. AI Infrastructure: Proprietary TPUs provide a cost/performance advantage over peers relying solely on Nvidia. Capital Return: Shift from cash hoarding to shareholder returns (buybacks + dividends). Valuation check: Trades at 27.1x P/E, which is a 27% discount to the peer group average of 37x. Durable advantage + reasonable price. Business Segments: Search: $56.6B revenue (Q3 …