After a couple years of a bear market, Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) stock has returned to all-time-highs in 2024. The latest surge higher comes on the back of another solid earnings report as the internet search titan seemingly prints cash quarter after quarter.

In this new bull market fueled by artificial intelligence (AI) computing infrastructure, Alphabet could have a massive advantage over the competition. It already has one of the world's most powerful installed base of computing power via a sprawling fleet of data centers and communications networks. As new ways to monetize AI are unlocked (like via the cloud, for example), Alphabet stock could still be a great buy for 2024 and beyond.

For Q1 2024, Alphabet's internet empire reported a 15% year-over-year increase in quarterly revenue to $80.5 billion. That's all fine and well, but the real story here was the operating income profit margin, which increased from 25% in Q1 2023 to 32% in Q1 2024. The result was a massive 47% increase in operating profit to $25.5 billion, and 62% surge in earnings per share (EPS).

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Source Fool.com