Following Alphabet's (NASDAQ: GOOGL) (NASDAQ: GOOG) third-quarter earnings report on Oct. 28, shares plunged roughly 13% in early-morning trading on Thursday, wiping out $500 billion in market capitalization. Indeed, investors have legitimate reasons to be concerned. Alphabet is spending hundreds of billions of dollars on artificial intelligence (AI), free cash flow has turned negative, and management is increasingly turning to the capital markets to help finance its infrastructure ambitions. Nevertheless, I think Wall Street is overlooking something important: Alphabet is quietly assembling one of the most vertically integrated AI ecosystems in the world. The combination of custom AI chips, a rapidly expanding cloud business, and Google DeepMind research division is the foundation for a lucrative long-term investment opportunity.
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