Sustainable Growth Advisers, LP on Alphabet
Thesis
SGA sees Alphabet as a broad beneficiary of AI through infrastructure, foundation models, developer tools and scaled consumer applications. Strong demand for AI compute supports the cloud opportunity, while the company's global platforms benefit from network effects, direct user relationships and scaled infrastructure. Digital advertising and cloud computing remain durable structural growth drivers, and continued AI investment should reinforce Alphabet's competitive position. SGA raised the position target and maintained an above-average weight.
“We continue to view Alphabet as a high-quality, long-term compounder.”