RGAIA: The Rise of Alphabet (GOOG) as an AI Stock

Core Viewpoint - RGA Investment Advisors' third-quarter 2025 investor letter emphasizes the concentration of the stock market, particularly among mega-cap stocks, and discusses potential investment opportunities in this concentrated environment [1]. Company Summary - Alphabet Inc. (NASDAQ:GOOG) is highlighted as the largest holding of RGA Investment Advisors, with a market capitalization of $3.758 trillion as of December 22, 2025 [2]. - The stock experienced a one-month return of -3.80% but gained 57.58% over the last 52 weeks [2]. - The company has been a long-term investment for RGA, with shares owned since January 1, 2012, and its current trailing-twelve-month (TTM) P/E ratio has reached a new all-time low, even lower than the levels seen in 2012 [3]. Industry Insights - The letter discusses the phenomenon of stock market concentration, particularly the dominance of a few mega-cap stocks, and the implications for investment strategies in such an environment [1]. - The current market situation is compared to past events, particularly the perceived threats from mobile apps that previously affected Alphabet's valuation [3].