One of the largest tech companies would be more valuable if it was smaller, according to a Wall Street analyst.

D.A. Davidson’s Gil Luria is calling for a “complete breakup” of Alphabet Inc., saying such a move is the best way to unleash shareholder value.

Luria sees AI competition as a persistent headwind facing the company, limiting the market’s ability to fully value Alphabet’s other notable businesses, including YouTube, Waymo, and its Tensor Processing Units (TPU) chips. Alphabet’s myriad businesses include “the top competitors” to such varied Wall Street favorites as Netflix Inc. and advertising-technology company Trade Desk Inc., he wrote, along with both Amazon.com Inc. and Microsoft Corp. in cloud computing, and both Uber Technologies Inc. and Tesla Inc. in autonomous driving.

Luria argued that “the current pieces would trade at $243/share in aggregate upon breakup, and closer to $300/share if an independent TPU business started selling outside of the Alphabet family.” Those targets represent upside of about 53% and 89%, respectively.

“By keeping the conglomerate structure, management is dooming all of its businesses to the 16x Search multiple,” he wrote. “Until management acts in the interest of shareholders, the entire business will trade at 16x earnings, which assigns zero value to Waymo and TPU, and severely undervalues YouTube, Cloud and Network.”

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