An alternative viewpoint is the consideration of the P/E of all of the Mag 7. These numbers might be slightly off since there's been a lot of market movement lately, but...
Apple (AAPL): 34.07
Microsoft (MSFT): 35.07
Amazon (AMZN): 36.69
Alphabet (GOOGL): 21.82
Meta Platforms (META): 24.49
Nvidia (NVDA): 41.33
Tesla (TSLA): 87.87
from this perspective Google, and to a lesser extent Meta, stand out as being valued quite conservatively.
Do I think Microsoft is performing 50% better than Google? Not really, no.
Apple (AAPL): 34.07
Microsoft (MSFT): 35.07
Amazon (AMZN): 36.69
Alphabet (GOOGL): 21.82
Meta Platforms (META): 24.49
Nvidia (NVDA): 41.33
Tesla (TSLA): 87.87
from this perspective Google, and to a lesser extent Meta, stand out as being valued quite conservatively.
Do I think Microsoft is performing 50% better than Google? Not really, no.