Down $8 today. My position is only up 114% now, so I’ve had to start asking some difficult questions. Search is obviously finished. AI has made advertising obsolete. YouTube probably has six months left. Cloud is a rounding error. Waymo is an expensive science project. The cash pile will presumably evaporate. People keep bringing up revenue growth, margins, buybacks and free cash flow, but I think they’re missing the larger issue. The stock went down today. Sometimes the market tells you everyth
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