After Alphabet (GOOGL) raised CapEx expectations in earnings, investors are taking a step back despite strong numbers from Google's parent company. James Demmert argues Alphabet is a buy at current levels, pointing to a substantial bottom line beat and explosive cloud revenue growth as signs its CapEx is offering real ROI. He names Nvidia (NVDA) and ASML (ASML) as key hardware names to watch. As for Tesla (TSLA), James calls it a "great company, not a great stock" due to its high valuation.