Between Amazon and Alphabet One's Gotten Much More Bang for Their 200 Billion Bucks

Impact · against what's priced in

Alphabet's explosive cloud growth challenges the market's reluctance to price in acceleration, while Amazon's AWS recovery is largely consistent with existing scale assumptions. The primary risk for Alphabet is the shift to negative free cash flow and increased debt to fund this growth.

GOOGL+0.40

Challenges what's priced in

The price assumes

Cloud growth sustaining at or above 40%