Alphabet has pulled back from its recent high of roughly $408. I know reported P/E is affected by investment gains, so I’m more interested in valuing the underlying operating business.
Given the growth in Cloud, YouTube, AI infrastructure/Gemini and the broader Google ecosystem, how are people here thinking about Alphabet’s intrinsic value at the current price?
What assumptions would you use for normalized earnings/FCF growth and an appropriate multiple?
\*Can I just add that Warren Buffett bought at $350, so that would that indicate it's not overvalued?