Alphabet Inc, Google owner's market capitalization is 3.9 trillion USDs currently.
If artificial intelligence, AI performs to the most optimistic forecasts of Wall Street analysts and investors and Silicon Valley investors and technologists Alphabet's market capitalization could rise to 9.5 trillion USDs.
If artificial intelligence, AI on the other hand turns out to be a bubble and spectacularly bursts dragging to some extent the global economy with it and the Nasdaq Compostite falls more than 62 % from its all time high, Alphabet's market capitalization could fall to 900 billion USDs, accordin to Wolfteam Ltd.'s projections and estimates.
There is another option. Technology companies are usually asset light. Even with their cloud business Alphabet, Amazon and Microsoft do not invest in hard or soft assets too large a proportion of their net income and retained income, relative to mining companies, industrials, consumer discretionary, consumer staples or financials even.
With the huge artificial intelligence, AI data-center build out going currently, whereby Microsoft, Alphabet, Amazon and Meta could invest in hard data center hardware a sum exceeding 500 billion USDs in 2026 alone, Microsoft, Alphabet, Amazon and Meta could be re rated more like a hardware company like Apple.
Apple trades at Price/Sales ratio of 3, while Alphabet and Microsoft trade at a Price/Sales ratio of close to 10. Amazon at Price/Sales at close to 4 and Meta at Price/Sales close to 9.
In short, Alphabet's valuation could fall only because it is planning investing more than 150 billion USD in 2026 alone as excerpted from its fourth quarter 2025 earnings statement:
Alphabet: 'To meet customer demand and capitalize on the growing opportunities we have ahead of us, our 2026 CapEx investments are anticipated to be in the range of $175 to $185 billion.”
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