Alphabet spent $2.4 billion in March to buy Chelsea Market in Manhattan to expand its office space, invested in data centers, production equipment and undersea cables, and invested  $1.1 billion to get smartphone expertise from Taiwanese manufacturer HTC.

Related: Google Will Now Earn From Your Shopping Searches

Ben Schachter, an analyst with Macquarie, wrote in an investor note about Google Tuesday, “It sees very large opportunities for long-term growth (search, YouTube, Cloud, cars, health, etc…) and it is going to invest in them,” Schachter said. “This is absolutely the correct thing to do and will over the long term increase shareholder value.”

The question is will Google’s investing payoff to be as lucrative as its search engine?

Only time will tell.

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