Jim Cramer on Alphabet (GOOGL): “I Don’t Care Where It Went, I Care Where It’s Going”

Jim Cramer on Alphabet (GOOGL): “I Don’t Care Where It Went, I Care Where It’s Going” Syeda Seirut Javed Wed, September 9, 2026 at 7:12 PM GMT+2 3 min read GOOG Focusing on large-cap technology equities that have lagged behind broader market momentum during the September 3 episode of Mad Money, Jim Cramer broke down why Alphabet Inc. (NASDAQ:GOOGL) presents an exceptional opportunity. He said: Hey, you want a hated stock?

How about this Alphabet, up just 9% for the year? There's a big cap stock that's really been left behind. Sure, it's done next to nothing, but when you look at the monster grower that is Google Cloud, you have to wonder, how can you not own the stock?

Is it because of Waymo? Now, they're doing terrifically. Maybe you don't like YouTube; wow, biggest entertainment channel on Earth.

Search, Gemini, maybe their AI isn't ready? Oh, maybe it will be. Again, I say everything at a price, and $342 is the price for Alphabet, whether they get it right or not.

Amazing that nobody cares about… Warren buying a lot of Alphabet. All people care about is that everybody's underwater from that secondary offering they did, 13 points higher from here. I say, so what?

I don't care where it went. I care where it's going. It sells for 17 times earnings.

It's the price. Jim Cramer Prefers CoreWeave (CRWV) Over IREN (IREN) Google Cloud Acceleration and Core Financial Performance Alphabet Inc. 's (NASDAQ:GOOGL) business keeps growing fast as more companies sign up for its cloud infrastructure.

In the second quarter, total revenue hit nearly $120 billion. Google Cloud was the main driver behind this growth, as its sales surged 82%, turning it into a major profit source along with core businesses like YouTube. Alphabet leads the global online media market and is steadily expanding Waymo's driverless taxi service.

Despite these strengths, the stock trades at roughly 17 times earnings around Cramer's commentary. That multiple is unusually low and understates the valuation of the company's underlying operations. Capital Expenditure Pressures and Supply Overhang At the same time, there is a reasonable case for caution due to massive spending.

Capital expenditures reached nearly $45 billion in Q2 alone as Alphabet Inc. (NASDAQ:GOOGL) spends aggressively on data centers and AI hardware. If making money from AI takes longer than planned, this heavy investment could hurt short-term cash flow and profit margins.

Additionally, recent stock offerings have left some recent buyers holding shares at a loss. Hedge Fund Positioning and Short Interest Hedge Fund positioning shows strong interest from elite money managers. The stock was held by 275 hedge funds as per Insider Monkey's Q2 hedge fund data, compared to 265 in the prior quarter.

Short interest of float is around 1. 24%, showing minimal short-seller pressure on the stock. Story Continues Alphabet Inc.

(NASDAQ:GOOGL) keeps showing strong operational momentum across its main growth drivers while maintaining solid backing from major institutional investors. Cramer's bullish outlook rests largely on the market undervaluing that growth, but investors still need to balance short-term market ups and downs against the company's long-term competitive edges and healthy balance sheet. While we acknowledge the potential of GOOGL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk.

If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock . READ NEXT : Jim Cramer Wants NVIDIA (NVDA) to Bet $500 Billion on Itself as AI Financing Risks Grow and Jim Cramer Explains the Reason Behind Caterpillar's (CAT) Post-Earnings Pullbacks . Disclosure: None.

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