IMHO Google/Alphabet's strategy should have been reinvesting their huge profits in buying other big companies like ARM, Nvidia or SpaceX.
With EBITDA of $24B in 2016, they could buy about a 3rd of NVIDIA. With financing they could probably buy more, but its not clear this is better than putting some of that money into replication, or earlier stage companies.
I know, but in 2015 or so.
Also, Softbank acquired ARM as an investment and it is already paying off.