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Alphabet(NASDAQ: GOOG) (NASDAQ: GOOGL) is one of the primary artificial intelligence (AI) hyperscalers.
Unlike some of the other hyperscalers, it's approaching this massive trend from two directions.
First, it has its own family of large language models, led by Gemini.
It has integrated this model throughout various products (like Google Search) and is among the most popular generative AI models out there.
Second, it has a thriving cloud computing business in Google Cloud.
Google Cloud just hit a $462 billion backlog, which is massive compared to its past 12 months of revenue.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again.In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia.Continue » I think this is as compelling a reason as any to buy the stock, as the growth implied by this backlog is massive.
With Alphabet's stock down around 10% from its all-time high, now may be the perfect time to buy shares.
During Q1, Alphabet's Google Cloud quarterly revenue reached $20 billion.
So, at this mark, it will take about 23 quarters to churn through the $463 billion backlog.
However, Google has no plans to let that backlog last for more than five years.
Google Cloud is rapidly growing, and it has increased its revenue at a jaw-dropping 63% year over year.
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