1. Alphabet reported a record Q4 with revenue reaching $96.47 billion, driven by strong growth in Google Search, YouTube, and Google Cloud. 2. Despite Google Cloud missing consensus estimates, the 30.1% growth indicates supply constraints rather than weak demand, signaling a positive long-term outlook. 3. Margins improved significantly, with operating margin expanding by 4.7% to 32.1% due to Cloud's increasing profitability and portion of total revenue. 4. The projection for Google Cloud revenue growth is a CAGR of approximately 29.7% through FY28, with improving operational efficiency expected to boost margins and EPS. 5. The price target has been upgraded to reflect the thesis that improving AI integrations, expanding market opportunities, and unmet Google Cloud demand will be key drivers of earnings growth.