I added to my position shortly after earnings, at an average of about $193. I was already at maximum for a normal holding but I view GOOG as multi-faceted enough to make an exception (it's really a few great businesses rolled into a whole that's greater than its parts) and added a bit more.

Both the growth in search and the growth in cloud exceeded my already bullish expectations. I think AI has already started to disrupt search & advertising and GOOG is coming out the other end a clear winner, including for reasons set out by Manlobbi.

I'm not concerned about the capital expenses and view it has the flip side of the giant leaps being made in the Cloud business. On the call, Pichai mentioned there's currently a $106 billion dollar backlog. It is also clearly developing itself as a unique leader in the field, as evidenced by the OpenAI deal. They're laying railroads on a route not laid by others, metaphorically speaking, and have the balance sheet to do it. Some say others will be able do the same cheaper and as effectively, making the expense unnecessary, but I don't see how.

We may get a short term hit with the forthcoming litigation update. Hoping it is nothing that impairs the business.