(https://www.cnbc.com/2026/06/29/alphabet-googl-stock-dow-average.html), but the blue-chip milestone is a classic liquidity event masking a harder fundamental question: where does the margin floor actually sit once memory capex stops being a one-time cost and becomes structural? GOOGL posted 52.2% net margin last quarter — that's *down* from 55-58% historically. The narrative says "AI capex is temporary." The earnings quality says otherwise.

Research these companies