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An analyst argued that investors have been overly fixated on comparing the performance of Alphabet's AI models to competitors, when they should instead focus on the growth potential of Google's cloud business tied to AI. The commentary suggests the market may be undervaluing Alphabet's broader AI-driven growth story. Adding to that view, an Evercore ISI analyst noted that despite predictions AI would cannibalize Google's core search business, recent data shows the opposite: Google's search lead has strengthened and AI features are driving new growth, reinforcing the argument that Wall Street may be underestimating Alphabet's AI positioning.