Alphabet Nükleer Enerjiye Yeni Girdi. Bu yüzden Alfabe Satın Alıyorum.

Alphabet Just Bought Into Nuclear Power. That Is Why I Am Buying Alphabet.

Alex Sirois

Mon, September 14, 2026 at 3:03 PM GMT+3 5 min read

• GOOG +1.53%
• MSFT +0.65%

Quick Read

• Alphabet's nuclear power purchase for AI data centers signals decade-long demand conviction, while GOOGL trades at a P/E of 15 with 82% Cloud growth.

• GOOGL prints 82% Cloud growth and nearly 30% ROIC at a P/E of 15, offering better value than Microsoft for hyperscaler AI exposure.

• Just released. Our analysts combed the entire stock market and named the ten best stocks to buy right now, and Google didn't make the cut. Enter your email to see the names that beat GOOGL. The report is free. Enter your email and see if any of your stocks made the cut.

I keep hitting the buy button on Alphabet (NASDAQ:GOOGL), and the news that the company is locking in nuclear power for its AI data centers is the kind of receipt that keeps me adding. When a business is signing up for reactors, it is telling you what it thinks the next decade of demand looks like (we mapped five ways to play the reactor restart, utilities and fuel included, in a free nuclear report). I want to own that conviction for the long haul.

What Keeps Pulling Me Back

My thesis is simple. Alphabet already owns the two most valuable pieces of digital real estate on the planet, Search and YouTube, and it is now building the compute layer that the rest of the AI economy will rent from it. Google Cloud revenue hit $24.77B in Q2 FY26, growing 82% year over year, after posting 34%, 48%, and 63% growth in the prior three quarters. That is acceleration on top of an already massive base. The Gemini App has 950 million monthly active users, Gemini models process 22 billion API tokens per minute, and nearly 90% of the Fortune 100 use Gemini Enterprise. Search & other still grew 17% year over year to $63.27B, which puts the tired "AI kills Google" thesis to bed.

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Receipts That Back Up the Buy

Three sets of numbers do the work. First, quality: ROE 35.70%, ROIC 29.60%, operating margin 32.03%, gross margin 59.65%. Second, the balance sheet: debt/equity 0.143, net debt/EBITDA 0.19, interest coverage 175.3x. Third, valuation: at a P/E of 15 and earnings yield of 6.65%, I am paying a market multiple for a business compounding at hyperscaler pace.

Q2 EPS of $9.11 beat the $3.0427 estimate for the 11th straight EPS beat. Revenue of $119.80B grew 24.23% year over year, the 12th consecutive double-digit revenue quarter. Cloud backlog reached $460B+ at Q1 FY26. Waymo passed 500,000 fully autonomous rides per week. The quarterly payout was raised 5% to $0.22 per share. Small yield, but the direction and coverage matter more to me than the current 0.51%.

Why Alphabet Over the Obvious Alternative

The reflex hyperscaler pick is Microsoft (NASDAQ:MSFT). I own some. My incremental dollar keeps going to Alphabet because I am not paying a premium for the same story. GOOGL trades at a P/E of 15 while printing 82% Cloud growth and ROIC near 30%. Alphabet also owns Search and YouTube ad economics no rival can replicate (YouTube annual revenue across ads and subs exceeded $60B), designs its own TPUs rather than renting somebody else's silicon, and is now moving upstream into the power stack itself. The nuclear PPA is the same pattern: control the input, own the outcome.

Risk I Am Not Ignoring

The capex bill is the real risk. Alphabet spent $44.92B on capex in Q2 alone, up 100.14% year over year, guided to $175B to $185B for 2026, generated negative free cash flow of -$5.86B, more than doubled long-term debt from $46.5B to $98.2B, and suspended the buyback in Q2 2026. Interest expense jumped nearly 5x. If AI demand disappoints, this looks like overbuild. My answer is in the same filing: $460B+ Cloud backlog, 82% Cloud growth, 950 million Gemini users, and interest coverage of 175x tell me the demand is real and the balance sheet can carry the bet.

Forward Conviction

Over ten years GOOGL is up 766.57%; the past year, 41.19%. I buy the stock because the company keeps earning those returns. Alphabet is building the power grid, the chips, the models, the distribution, and the ad engine that funds it all, and it is doing it with a fortress balance sheet at a market P/E. That is the rare compounder I plan to keep feeding for the next decade.

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