Alphabet reported strong Q3 earnings with sales up 16% to $102 billion. Google Cloud saw 34% growth, contributing 15% of total sales. AI features like AI Overviews and AI Mode are driving query growth and user engagement. Fair value estimate raised to $340 from $300, with Google Cloud backlog pointing to cloud demand growth in 2026. Stock has risen 75% in past 6 months.

Read more at Morningstar: Alphabet Earnings: Let’s Google; Search Strength and Cloud Momentum Drive our FVE