1. Google's search traffic and ad revenue continue to grow steadily, showing no signs of slowdown or cannibalization from its AI Overviews. 2. Google, not the first mover in AI, has the potential to regain its leadership in AI innovation with the help of quantum chip Willow. 3. Concerns over antitrust cases are overdone, and the likelihood of Chrome being divested is low. 4. Google is undervalued at 21.5x FY25 P/E compared to the 5Y average of 27.3x, with a price target of $259 implying a 35% upside.