My bullish thesis on Alphabet from last month has delivered a 122% return in just one month. Given the positive momentum, strong fundamentals and leadership in AI and cloud services, we are reiterating our bullish stance with an updated options trade. Trade timing The timing setup remains favorable, with GOOGL recently breaking out above a major resistance level at $180. Coupled with outperformance of the S & P 500 suggests potential further upside to our $202 target, which would fill the gap from February this year. Fundamentals GOOGL continues to offer substantial upside, supported by compelling valuation and superior profitability: Forward PE ratio: 19.3x vs. Industry Average 19.5x Expected EPS growth: 13% vs. Industry Average 12% Expected revenue growth: 11% vs. Industry Average 12% Net margins: 31% vs. Industry Average 6% Bullish Thesis Continued market leadership: Alphabet remains dominant across search, advertising, and cloud services, consistently driving revenue growth and strong financial performance. Innovation and AI: Google’s continued investments and success with Gemini AI, now reaching over 1.5 billion monthly active users, and the robust growth of Google Cloud underscore strong future revenue potential. Shareholder returns: A recently executed $70 billion stock repurchase plan and a dividend increase reflect management’s confidence and commitment to shareholder value. Updated Options Trade To capitalize on further upside, I’m initiating a new trade by selling an Aug. 29, $190/$180 put vertical for a credit of $3.80: Sell Aug. 29, $190 put @ $7.70 Buy Aug. 29, $180 put @ $3.90 Maximum reward: $380 per contract if GOOGL remains above $190 at expiration. Maximum risk: $620 per contract if GOOGL falls below $180 at expiration. Breakeven point: $186.20 View this Trade with Updated Prices at OptionsPlay This updated trade strategy leverages Alphabet’s ongoing technical strength, compelling valuation, and leadership in strategic growth areas like AI and cloud services. With a defined risk and favorable probability of profit, this put vertical spread offers continued bullish exposure to Alphabet’s upward potential DISCLOSURES: None. All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, NBC UNIVERSAL, their parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL’S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. Click here for the full disclaimer.