Alphabet Inc. shares have been struggling for the past two months amid mounting regulatory uncertainty. For some bulls, that’s a buying opportunity.

For months investors have faced a dilemma — pay through the nose for technology giants trading at eye-watering multiples, or wait for a cheaper entry point and risk missing out on the year’s biggest bull run.

Alphabet Inc. is bringing in so much cash that hopes are rising it will take a page out of the Meta Platforms Inc. playbook and start paying a dividend.

Earnings reports from the biggest technology companies show that the group is navigating the tough economic environment better than smaller rivals, fueling a rebound in stock prices and encouraging investors about the outlook for the second half.

Skeptics have long made a sport of predicting that the decade-long rally in technology stocks was destined to reverse. At the halfway point of 2022, it seems like this is the year when they will be proven right.