Alphabet Inc. ($GOOGL) is experiencing notable challenges in its core search engine business, with recent data indicating a decline in search engine marketing spend over the past 30 to 90 days. This downturn is attributed primarily to macroeconomic and geopolitical factors. Additionally, Google searches via Apple's Safari browser have fallen for the first time in 22 years, marking a significant shift in user behavior. Bernstein analysts have highlighted the slowest paid click growth in Google's history alongside the first-ever monthly decline in web search volumes on Apple devices, reinforcing concerns among investors about the future of Google's search dominance. Amid these developments, Alphabet's stock is trading at some of its lowest price-to-earnings (P/E) and enterprise value to earnings before interest and taxes (EV/EBIT) ratios in a decade, with the P/E ratio in the bottom percentile and EV/EBIT in the 6th percentile relative to its 10-year history. Despite these challenges, some market participants remain optimistic about Alphabet's prospects, citing the company's AI tools as undervalued assets that could drive future growth.