Why: Dominant in search and ads, but playing catch-up in AI compared to MSFT/OpenAI.
Tailwinds: Deep R&D bench, YouTube, Android, Gemini starting to gain traction.
Risk: Search cannibalization via AI, regulatory pressure.
Why: Dominant in search and ads, but playing catch-up in AI compared to MSFT/OpenAI.
Tailwinds: Deep R&D bench, YouTube, Android, Gemini starting to gain traction.
Risk: Search cannibalization via AI, regulatory pressure.
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