Is the market underpricing GOOGL search again? First it was ai will kill search and now it’s token costs will eat margins

It feels like the market is repeating the exact same mistake with Google that it made last year. Remember the massive narrative that AI chatbots were going to kill Google Search? The theory was that no one would google things anymore. We now know how that turned out. AI Overviews actually made people search more. When I searched for how to make a favicon for website , it gave me a synthesized paragraph for all different services which is much better than just different blue links on a page. I am sure it mixed organic results with ads. Google has been so much better to find products & services with ai overviews in my opinion. Now that the death of search narrative is dead, Wall Street has completely shifted the goalposts. The new bear case is all about margins. The narrative is now: sure, revenue is growing, but the massive token compute costs and their CapEx bill will permanently destroy their profit margins. But is this just another massive miscalculation again? If you look at their latest earnings, Alphabet's operating margins actually expanded to 36%. They are successfully relocating their ad revenue right into the AI paragraphs, and their Cloud division is growing at 63% with a $460 billion backlog to help offset the infrastructure costs.  Is the market underpricing their actual growth again by obsessing over the CapEx bill? Curious how everyone else is viewing the stock right now. We will find out soon in 6 weeks . I am expecting another blow out quarter