Alphabet's Gemini integration into Search has stabilized query share against ChatGPT and Perplexity, while Google Cloud is now the fastest-growing hyperscaler off a smaller base. Waymo robotaxi expansion in 12 US cities provides real autonomous-vehicle revenue. DOJ antitrust remedies are now priced in and the spin-off optionality on Cloud or YouTube remains a structural call option. Free cash flow conversion is accelerating as AI capex peaks in 2026.
Signals scoped to US · Company-specific tagging coming soon.