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In a scenario where OpenAI and its peers begin to erode Google search -- thereby taking a toll on Alphabet's advertising revenue -- Alphabet is still able to capture some downstream monetization.

To me, the deal with OpenAI is a transformative game changer for Alphabet in the long run and I see the stock as a no-brainer buy right now. Should you invest $1,000 in Alphabet right now?

Is Alphabet stock a buy right now? In the chart below, investors can see that Alphabet trades at a considerable discount compared to its cloud hyperscaler peers on a forward earnings basis.

Investors have been jittery about rising AI competition and what it might mean for Google's search ad dominance. Alphabet Lags 'Magnificent 7--But AI Breakthrough Could Be the Game-Changer ...

Alphabet is well positioned to take advantage of AI, and slipping search engine market share could help with the company's legal woes. See why GOOG stock is a Buy.

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Is Alphabet stock a buy now? When weighing the company's attributes and challenges, Alphabet stock looks like a buy under current conditions.