Whenever I analyze Alphabet, I have to remind myself not to treat it like just another technology company. That's the easiest mistake investors make. People see Google Search, YouTube, Android, Gmail, Google Cloud, Waymo, and now artificial intelligence, and they assume they're looking at a collection of separate businesses. I see something very different. I see an ecosystem that quietly became the infrastructure behind much of the internet. That distinction matters because infrastructure businesses tend to have staying power. People can switch brands. It's much harder to replace habits. For years, Alphabet's biggest advantage was that it became the default answer to almost every question people had. Need directions? Google. Looking for a restaurant? Google. Researching a new car? Google. Trying to remember the actor from that movie you watched ten years ago? Google. Search became so dominant that its name turned into a verb, and that's a level of brand recognition ...