TEMPUS

‘Alpha’ bet that makes perfect sense

Alphabet may face regulatory crackdowns but it has enough money to buy its way out of trouble
Alphabet may face regulatory crackdowns but it has enough money to buy its way out of trouble
MARK LENNIHAN/AP

There was a time when Google was simply a search engine, slugging it out with Yahoo for the loyalty of internet clickers. There was a time, too, when Google’s shares were worth less than $100, a level that, when it was breached 13 years ago, prompted worries that the group was overvalued and little more than a flaky dotcom stock.

Look at Google now. The battle with Yahoo is long over and the group’s tentacles stretch far and wide. It owns Gmail and the Youtube video-sharing service and makes the Android mobile operating system. It has a venture capital business, invests in life sciences and provides broadband services and internet connections to rural American homes. Through its Waymo subsidiary it is developing autonomous cars and,