After gaining more than 50% year‑to‑date, Alphabet finds its valuation under scrutiny as investors evaluate how much of its AI momentum is already priced in. The company continues to enjoy strong growth in cloud and ad businesses, but questions linger over execution risk and rising capital expenditures. Analysts note that despite robust fundamentals, the multiple is high relative to peers and potential weakness in global ad spending could weigh. Strategic discipline will be key going forward.