A straightforward growth-and-valuation framework points to meaningful upside for Alphabet.Alphabet (GOOGL 0.57%) (GOOG 0.56%) shares have seen-sawed this year as investors weigh the cost of an artificial intelligence (AI) build-out against strong fundamentals. The parent of Google, YouTube, and Google Cloud is pouring money into data centers and custom silicon. Meanwhile, financial results have been impressive. That combination -- aggressive investment plus resilient performance -- sets the stage for a clea ...