# Netflix vs Alphabet: Who's the Better Tech Stock Right Now?

Both are crushing it in streaming and digital video, but they're playing different games.

**Netflix's Play:**
Q3 revenue up 17% YoY to $11.5B. Operating margins expanding to ~29%. The kicker? Ad business is about to explode—management says ad revenue should more than double in 2025. But here's the catch: they're basically all-in on streaming. No Google Search, no cloud business to lean on. That means they gotta keep spending big on content to keep people engaged.

**Alphabet's Play:**
Revenue grew 16% YoY to $102.3B, but it's coming from everywhere—Search, YouTube, Google Cloud, and subscriptions. YouTube's the interesting one: gets streaming tailwinds like Netflix but most content is user-generated (way cheaper). Plus, their cloud business is accelerating hard thanks to AI—backlog jumped 46% QoQ to $155B. CEO literally said "AI is now driving real business results across the company."

**The Money Talk:**
Netflix trades at a P/E of ~44. Alphabet? Around 29. So you're paying way less per dollar of earnings with Alphabet—and those earnings are more diversified.

**Bottom Line:**
Alphabet looks like the smarter bet right now. More revenue streams, lower valuation, and AI is actually moving the needle for them. Netflix's impressive but puts all eggs in one basket.