Shares of Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) trade below their median price-to-sales and price-to-earnings ratios over the last 10 years. As a result, many consider the stock undervalued compared to the many long-term growth opportunities it has. And the U.S. government is on the verge of either banning or forcing the sale of TikTok, potentially a significant benefit to Alphabet's YouTube segment.

However, before you invest in Alphabet, you should consider three risks that could derail its upside.

ChatGPT is a chatbot based on artificial intelligence (AI) developed by OpenAI and backed by Microsoft. It was released in late November 2022.

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Source Fool.com