The analysis highlights Alphabet's Q2 2026 performance, which included an 11th consecutive EPS beat at $9.11, 24.2% revenue growth to $119.80 billion, and 82% Google Cloud growth with a $460 billion backlog. Despite these figures, the stock trades at a forward P/E of 17, significantly lower than Microsoft's trailing P/E of 28. However, the company faces increased spending, with free cash flow turning negative, long-term debt nearly doubling to $98 billion, and 2026 capex guided to $175-$185 billion. Analysts maintain a consensus target of $428.04, with 58 out of 64 rating it a Buy.