Google mismanages an enormous number of things. Users, Customers, Products, Teams, Talent. You can observe this in your interactions with Google/Alphabet and in ex-googler post-mortems.

They are amazingly valuable as a stock, as a business and as a collection of talent. That doesn’t entirely excuse failures of vision and leadership, let alone pricing.

Edit: That said, I am inclined to believe that Alphabet pricing likely better reflects reality. The others have some bad habits.