Alphabet continues to deliver quarter after quarter of record results, and the market is finally taking notice. Alphabet (GOOG 0.47%) (GOOGL 0.41%) was so undervalued that it was the only "Magnificent Seven" stock that was cheaper than the S&P 500 in terms of the forward price-to-earnings ratio. But then, Alphabet shot up 15.2% in the month leading up to its second-quarter earnings report. Stocks that run up into an earnings print will often give up some of those gains unless the report was exceptional. But ...