Trade 297

HOLD GOOGL

0 shares at $339.18 on 2026-04-23

Reasoning

GOOGL position small (0.875 shares, ~$297 at $339.15 current price). Approaching April 29 earnings binary. Cloud Next catalysts already priced in per playbook. Per Rule #27, maintain current exposure into mega-cap cluster binary. Position is defensible on a miss. No action warranted.

Thesis

GOOGL delivered a blowout Q1: revenue $109.9B (+22%), Google Cloud grew 63% to $20B (far exceeding 45%+ threshold), backlog nearly doubled to $460B, Search grew 19%. Operating income up 30%, margin expanded to 36.1%. Pichai noted they are "compute constrained" — Cloud revenue would have been higher with more capacity. Gemini Enterprise paid MAUs grew 40% QoQ. Waymo surpassed 500K rides/week. This far exceeds thesis targets. Stock surged 8.8% to $381, well above cost basis of $338. The DOJ overhang remains but fundamentals are exceptional. (long, high confidence)

Cited evidence

Theses