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SAN FRANCISCO – It’s hard to believe Google Inc. actually looked vulnerable just two months ago. The Internet search leader’s stock had plummeted 45 percent from its peak. And its two biggest rivals, Microsoft Corp. and Yahoo Inc., appeared poised to combine forces and launch an attack.

But on the eve of Google’s annual shareholders meeting today, the company looks stronger than ever. Its stock is hot again and Microsoft has scrapped its plans to buy Yahoo, with Google playing the spoiler’s role.

“Google is winning again. What a surprise,” said Canaccord Adams analyst Colin Gillis. “If you want to invest in the Internet space, where else do you want to be but Google?”

More investors have been coming to that conclusion since last month, when Google’s stellar first-quarter results cast aside concerns that the drooping U.S. economy would depress the online advertising spending that generates most of the company’s profit.

Google shares have surged 29 percent since the report.

Meanwhile, Microsoft and Yahoo are again trying to figure out how to lessen Google’s dominance of Internet search and advertising.

Microsoft hoped to throw Google for a loop by buying Yahoo for $47.5 billion. Unnerved by the threat, Google worked behind the scenes with Yahoo to thwart Microsoft’s unsolicited takeover attempt.