AI Sell-Off 'Overdone' - Jefferies
“We hosted an AI expert who emphasized the quality of large language AI models is highly dependent on quality of data, where GOOGL has a huge lead given usage of Search, Chrome, and Android. We believe switching consumers will be difficult and expect no rev shift in foreseeable future, with GOOGL unveiling substantial AI advances gradually. Stock -12% in 2 days is overdone, and 9.8x EV/EBITDA near 7x 15-yr trough is attractive”
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