Alphabet is the closest thing in tech to a one-stop AI shop, with a frontier model, a fast-growing cloud-computing business, a major in-house chip effort and a large core advertising business. That diversity of vibrant pursuits should be a huge advantage in the more uncertain, capital-constrained phase that the AI boom is now entering. Yet the Google parent’s stock isn’t getting as much love from investors as its peers, including a nearly 10% drop in after-hours trading Wednesday after reporting third-quarter ad-sales growth that missed analysts’ forecasts. Microsoft, which beat analysts’ forecasts with a 19% rise in quarterly revenue in…

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