Alphabet’s core advertising business is deeply entrenched in advertising budgets, allowing the firm to benefit from a secular increase in digital advertising spending While Alphabet is seeking to diversify its business away from search, text-based advertising remains the largest contributor to the firm’s top line, creating a concentration risk. Amazon.com Inc AMZN Meta Platforms Inc Class A META Microsoft Corp MSFT Snap Inc Class A SNAP All Products & Services Our Signature Methodologies Morningstar Investment Conference Corporate Sustainability

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