Alphabet Stock Price at $343 Looks Mispriced Amidst Fast Revenue Growth

Alphabet's recent pullback has made its stock price look mispriced at $343.80.

The tech giant, parent of Google Search, YouTube, and Google Cloud, has been growing revenue faster than Microsoft despite trading at a lower multiple.

Google Cloud growth accelerated to 82% in Q2 2026, with a backlog of over $460 billion, while Alphabet's forward P/E is just 17.

The company's capex doubled to $44.92 billion, and long-term debt nearly doubled to $98 billion, but free cash flow turned negative.