Alphabet Inc.

Modine is pretty cheap for a pick and shovel, but you can still...

They're, that twenty-two times earnings, compare that to Alphabet.

And you know, yeah, but why not just buy Alphabet? And that's, I mean, as boring as my answer is, my answer would be the Nvidias, the Alphabets, the Microsofts, mostly 'cause they have multiple p- ways to win.

I don't need it.

It's not an all or nothing AI bet.

So founders typically are great at seeing the future and building to accommodate that versus the others that are running these, and I'm only talking about the public companies.

I'm talking about Amazon, I'm talking about Alphabet, and Microsoft.

They're the second generation.

They're professional managers that came in.

The data center side of their business is extraordinarily profitable.

And when I think about, you know, companies like Amazon, Google Alphabet, these are two of the best companies in the world for the past three decades.

And they've executed against enormous opportunities extraordinarily well over and over again.

So I think for any of us to sit back and say they're spending too much is a fool's errand.

It's arrogance at its finest.

When the smartest minds at these companies that see the data in real time, that see the demand for what they're building out towards absolutely skyrocketing, These people spend money because they're going to make money.

There's very few cases where either Amazon or Google Alphabet has spent money on something that didn't turn out to materialize.

And so I think we have to be humble in our analysis of this when we have to just sit back and say, Yeah, okay, the numbers are big and they're scary and it's a lot of money, but there's a reason why they're spending this much money and that's because of what they see on the ground.

We're going there.

Beyond providing a test for AI valuations, so let's see how much money the stock market is willing to give it in valuations, anthropic, is going to enrich Amazon and Alphabet.

And for me, I was totally ignorant.

I need to pay closer attention to the stock market.

Alphabet is Google.

And these companies... hold multi-billion dollar equity stakes in Anthropic alongside long-term cloud infrastructure contracts.

With this startup, so Amazon holds an estimated 15% to 21% equity stake in Anthropic, built through a structured capital layout that includes an early $8 billion, added in April of 2026.

How can that happen? For investors, this exposure means that Amazon increasingly trades, not just as an e-commerce and a cloud platform, but as a leveraged holding company for premier private AI equity.

The winners of this bipartisan AI regulation will be those who can afford it.

That includes Microsoft, Alphabet, Amazon, You know, big pockets.

They can afford any of that stuff they won't even notice.

And also those who enforce it.

Beautiful, right? Here we go.

Alphabet operates between 460 and 500 plus legal subsidiaries globally.

My, oh my.

Wow.

And then I need the subsidiaries underneath them to operate within the company, within the country.

So all of a sudden it blooms to 30 in South America, right? Easily.

So just so you know, um, wow waymo verily and wing drone delivery service verily is life sciences and waymo autonomous um says these are entirely separate subsidiaries owned by alphabet that operate independently of the google search and web but it's still a subsidiary of alphabet google um Which, by the way, it is Alphabet.

I always use Google, but that's what it is.

Taking a look at some individual winners and losers today, Apple was up one.

Alphabet was down two-thirds of 1%, not much.

Meta was up three, up one-half of 1%.

Citi called them, hey, they can get a positive surprise the next 90 days, so they added them to their surprise upside watch list over the next 90 days.

Apple, of course, had their product launch, and there's no CEO presiding over it.

Don't remember or can't think of any significant news on Amazon or Alphabet yet.

Microsoft, I would say, other than all the, as you say, Doomer activity, things seem quiet.

SpaceX just seems to be out there trying to do their data centers.

Obviously, now it feels a bit expensive because it's on top of the range that you've seen for the last year.

But to me, the more I think about now the four AI companies, Anthropic, OpenAI, and then SpaceX AI and Meta, Ignoring Google or Alphabet for a moment, because I already have Alphabet exposure, and I'm happy with that.

It feels like OpenAuth and Tropica are purely frontier LLMs.

And then you have Meta and SpaceX, who have a business attached to them.