The group sold off last week in reaction to YouTube weakness and a miss at Google Network, seen as a reflection of a softening ad environment,
'Whether core Google should be valued at 15X earnings or 20X separates bears from bulls.' Given uncertainties, Loop Capital leans towards the conservative 15X earnings valuation.
Google's improvements with genAI raise concerns about 'erosion of query volume to other AIs,' posing a competitive risk noted by the analysts.
Competitive dynamics from OpenAI's SearchGPT prototype create a 'wall-of-worry' for investors, impacting the evaluation of Alphabet's performance.
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