1. Alphabet's diversification into new businesses is a key investment thesis, especially as its Search business faces global antitrust scrutiny. 2. The company's diversification into quantum computing shows promise for long-term growth. 3. Alphabet's superconducting quantum processor, Willow, crosses a key milestone in the development of quantum computers. 4. Even if Google fails to develop a universal, fault-tolerant quantum computer, it could still use its learnings to create potentially lucrative short- and medium-term opportunities in niche applications.