- GOOGL shares have come a long way since we wrote that they looked attractive on Feb 27th 2023 (HERE).
- Do MSFT shares deserve the premium they have versus GOOGL shares? (Table below). Not in my view. I appreciate that MSFT does not have the Advertising exposure that GOOGL has, but the valuation premium seems too steep.
- MSFT’s quarter was not as good as it appeared on the surface after backing out recent acquisitions (HERE).
- GOOGL, MSFT and AMZN are democratizing AI. Our view is that Google Cloud Platform (GCP), Azure (Microsoft) and AWS (Amazon) are democratizing Core AI services for Enterprise customers given that Core AI services are embedded in each company’s respective cloud offerings. AI capability is broadly available. The question is how many companies will leverage AI / advanced automation across their operations? I have not seen anything to suggest that the pace of AI deployment is accelerating within the Enterprise.
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