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Cambiar Opportunity Fund, managed by Cambiar Investors, published its Q2 2026 investor letter highlighting Alphabet Inc.
(NASDAQ: GOOGL) as a company that has effectively answered investor concerns regarding the return on investment for artificial intelligence spending.
The fund noted that while hyperscalers face scrutiny over large capital expenditure budgets, Alphabet's financial performance indicates that demand is not a constraint for its AI infrastructure.
In the letter, Cambiar Opportunity Fund explained that Alphabet previously traded at below-market multiples when investors believed the company had fallen behind in the AI race.
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