$GOOG is 2 or 3 times what it was before the AI boom, depending on when exactly you define "pre-AI boom", so this isn't quite the full story. I tended to think Google was undervalued in the early 2020s and people weren't giving enough credit to how dominant e.g. YouTube was, so maybe it's accurate now and Google won't have as strong an AI correction even if one happens.

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hnav 2 hours ago | parent [-]

It’s sitting at ~29 forward/trailing p/e which means that it’s likely to drop 30% if there’s a correction and even more if there’s a broader economic thing going on that causes ad spend to go down.

	▲	Analemma_ an hour ago \| parent [-]
		That's still less than a lot of other tech companies. And "15 is the natural long-run P/E" is just a rule of thumb, not some kind of iron law.