Is Google's $3.6T Valuation Built on Sand?

Alphabet's GOOG stock sits 16% below its 52-week peak despite stellar Q4 2025 results — $113.83B revenue, 32.81% profit margins, and near-unanimous analyst buy ratings with an average target of $368. Yet institutional optimism masks deeper concerns, including $112.5M in insider selling over 90 days. The core question remains unanswered: can Google's search advertising dominance survive AI-powered alternatives? With Gemini trailing competitors in query volume, mounting regulatory pressure across the EU and Indonesia, and structural disruption looming, strong fundamentals may not tell the whole story.