Core Viewpoint - Alphabet's stock has rebounded significantly, reaching a record high and achieving a market capitalization of $3 trillion, joining the ranks of other major tech companies [1]. Stock Forecast - Wall Street analysts have raised their target prices for GOOG, with Baird increasing it from $215 to $275, Truist from $225 to $285, Citigroup and Tigress Financial to $280, and JMP Securities from $250 to $290 [2]. - Moffett Nathanson analyst Michael Nathanson raised his target price to $295, suggesting Alphabet could potentially surpass Nvidia as the world's most valuable company [4]. Performance Drivers - GOOG stock has increased by 42% over the last three months, driven by strong Q2 performance where search revenues rose by 11.7% and cloud revenues increased by 32% [6]. - Alphabet secured a significant six-year cloud deal worth $10 billion with Meta Platforms, further enhancing its market position [6]. Legal Developments - Alphabet received a favorable ruling in the Department of Justice antitrust case, allowing it to retain Chrome and Android, and continue its partnership with Apple, which solidified its default status on iPhones [7].

Core Thesis - Chemed Corporation (CHE) is viewed positively due to its strong market position in hospice care and plumbing services, with significant growth potential in the hospice market [1][2][5] Business Overview - Chemed operates two main businesses: VITAS, the largest hospice provider in the U.S., contributing 58% of revenue and growing around 9%, and Roto-Rooter, a plumbing service provider, contributing 42% of revenue and growing approximately 1.7% [2] - The U.S. hospice market is projected to grow from $29.9 billion to $39.1 billion by 2030, indicating a strong growth trajectory for VITAS [2] Financial Performance - Chemed generates annual free cash flow between $250 million and $367 million, has no debt beyond leases, and holds $249 million in cash, allowing for opportunistic share repurchases [4] - The stock is currently trading near multi-year lows on P/E and EV/EBITDA metrics, suggesting potential for re-rating as market focus shifts to 2026 earnings [4] Challenges and Mitigation Strategies - Recent stock price decline was attributed to a Medicare cap issue in Florida, which limited revenue recognition for VITAS due to higher state reimbursement rates [3] - Management has strategies in place to address these challenges, including increasing admissions and optimizing patient mix, which are expected to mitigate cap risks and create a $30 million cushion for 2026 [3][4] Market Outlook - The stock is seen as having a compelling risk/reward profile, with a potential upside of 26% as earnings improve, while downside risk is limited to approximately 12% [4] - The operational resilience and financial strength of Chemed support a bullish outlook despite recent short-term headwinds [5]