Well, yes, but Sun was more than the sum of its parts. Alphabet is actually less than the sum of its; Google is a highly profitable ad business that's still sh

Well, yes, but Sun was more than the sum of its parts. Alphabet is actually less than the sum of its; Google is a highly profitable ad business that's still showing nice growth. The rest is a hodge-podge of startups and fantasies that provide neither revenue nor profit and have little chance of ever doing so. Most of them don't even have products. There's no reason to think that what is being taken out of Google was helping its business in any way, yet the market right now is willing to pay big option premiums on the remote chance of some future success. So what is now Alphabet would be worth more if Google were spun out entirely to its existing shareholders, because they'd get whatever Google is plus whatever people are willing to pay for the imaginary stuff. As a whole, it's just Google less a lot of its profits. None of this was true of Sun.