This is a good chart to understand Alphabet / Google at the big picture level. The bulk of earnings still come from basic search with Youtube and Google Cloud growing well. Courtesy of FourWeekMBA.

Alphabet's 27.5 forward price-to-earnings ratio can be adjusted for growth forecasts with the price-to-earnings-growth (PEG) ratio, which is only 1.4. That's good value relative to other tech stocks.