1. Alphabet's core Search business faces increasing competition from Microsoft but has managed to maintain an 80%+ market share. 2. YouTube is leading in streaming time in the US and new paying account subscriptions are at record highs. 3. Google Cloud has reached a 10% EBIT margin and could become a new revenue driver. The company is limiting OPEX growth, which allows for operating leverage. My DCF analysis indicates a 30% upside, and recent results highlight a solid margin expansion based on cost optimization. The recent stock correction presents a good buying opportunity.