[haberdasher]

`I am really struggling to see what's the investment thesis behind Google valuation increasing 2x in response to AI`

Google is basically Nvdia (TPUs), Tesla (Waymo Self-Driving), Hyperscaler, Netflix (YouTube) and a massive VC (Anthropic, Databricks, SpaceX, etc.) all rolled into one.

Their valuation isn't really a 2x'ing so much as a reversion from halving.

[cik]

It's frequently said that vonglomerates usually carry through as their valuation, the multiplier of the lowest holding. If that's the case, Alphabet is worth more broken up. Similarly that makes their current valuation (and nay any valuation) theoretically too low.