The numbers tell the story. As of September 2025, Alphabet trades near $240 per share with a market cap approaching $3 trillion. The trailing P/E is 25.5, and the forward P/E stands at 24.1. Over the past 12 months the stock gained 58.9%, and year-to-date it is up 26.8%. Google Cloud’s annual revenue run rate now exceeds $50 billion, with a $16 billion backlog growing faster than revenue—more than half of which will convert within two years. New customer wins grew 28% sequentially in the first half of 2025. Importantly, 65% of existing customers are already using Google’s AI tools, and those that do engage with 1.5 times more Google Cloud products. Operating margin for Cloud has reached 20.7% and is accelerating.