Despite the fact that Google (GOOGL 1.27%) continues to trade near all-time highs, the search giant still looks like it has room to run. Big G garners much higher valuation multiples compared to rivals like Apple, as investors focus on services in today's computing market.

Android still has some weaknesses as a platform, but the operating system is ultimately a relatively small element of the core business. Android is more of a moat-building tool than anything else. As far as the core search and ad markets go, Google appears to have no meaningful threats in today's environment.

In the following video, Fool contributor Evan Niu, CFA, and Eric Bleeker, CFA, discuss Google's prospects going forward.