Alphabet recently posted stronger-than-expected second-quarter results, underscoring the rapid expansion of its AI business. Operating income also rose 30% to $40.7 billion, excluding unrealized gains tied to the company's investment in SpaceX. However, shares trade at roughly 18 times earnings, well below the company's five-year average multiple of about 24 times earnings. The company recently introduced Meta Business Agent, an AI tool designed to answer questions and automate workplace tasks. The stock currently trades near 21 times earnings, while the median analyst price target of $770 implies about 39% upside from recent prices.