The market continues to surge higher, driven by leading technology stocks. One steady company always in the mix is Alphabet ( GOOG +1.02% ) ( GOOGL +1.01% ) , the parent company of Google. Over the past two decades, Alphabet has delivered returns of almost 19% annually.

This year, the growth stock is exceeding its own high standard, returning 67%, while the S&P 500 has returned 16.5%. Alphabet is climbing new heights as it emerges as a top player in the artificial intelligence (AI) arms race. With its Tensor Processing Units, Alphabet has emerged as a vertically integrated business across the AI value chain. Here's why it can continue to deliver for investors.

Alphabet has more clarity for its business moving forward

Coming into this year, Alphabet's business was still

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