Group 1 - Alphabet Inc. is recognized as one of the top software infrastructure stocks to buy, with Jefferies reaffirming a Buy rating and raising the price target from $320 to $365 [1] - Jefferies highlights Alphabet's "unrivaled data moat" and its ability to maintain Gemini's dominant position, supported by a broad product ecosystem with seven platforms each having over 2 billion monthly active users [2] - The firm anticipates net revenue growth to moderate to around 13% in 2026, following two years of approximately 15% growth, while operating margins are projected to expand by about 140 basis points to around 39% [3] Group 2 - Jefferies believes that despite Alphabet's 2026 EV/EBITDA valuation of 17.6x being near a 15-year peak, strong earnings growth justifies a higher valuation, with potential multiples expanding toward pre-global financial crisis levels in a bull case scenario [4] - Alphabet Inc. is the parent company of Google and is a leader in internet-related services and products, including online advertising technologies, search engines, cloud computing, software, and hardware [5]

Is data a big moat for RV. >> Yeah, I think there's two types of data. And so when we started the company, I think everyone thought of legal data as case law. >> And we've now partnered with Lexus and I think having access to case law and these other data sets is super valuable.But I don't think that is when we think of like the data mode that we think we're going to have as a company. The data that I think is really valuable that I think now people are realizing is valuable is the RLHF data or the reasonin ...