Alphabet Inc. (NASDAQ:GOOGL) has surged 3.43% over the last six months, as of October 15. This compares to a 21.5% return for the Insider Monkey Billionaire Index and 15.74% for the State Street SPDR S&P 500 ETF Trust. Alphabet's business is growing, but the stock's valuation needs a closer look. Google Search is still generating strong growth, and Google Cloud is becoming a more important source of earnings. The problem is that Alphabet's trailing P/E looks much lower than it should because of a massive gain on its investments. Meanwhile, spending on AI is rising so quickly that investors need to know whether today's growth will translate into higher cash flow over time. Alphabet ranks 2nd in our list of 10 Best Stocks to Buy for the Next 20 Years.
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