Ed

And let me just, I just want to clarify, like, what are the implications of what this random dude at Apple said in this testimony, in this antitrust case? So the first is that, according to him, Google searches are declining for the first time on Apple devices as measured by search entries on Safari, which of course is the default app browser on Apple devices. So that's the first thing.

The second thing, he said he thought that AI tools like OpenAI and Perplexity and Anthropic, that they are eventually going to replace Google and that Apple is now focusing on AI-based search.

The second thing, he said he thought that AI tools like OpenAI and Perplexity and Anthropic, that they are eventually going to replace Google and that Apple is now focusing on AI-based search.

The second thing, he said he thought that AI tools like OpenAI and Perplexity and Anthropic, that they are eventually going to replace Google and that Apple is now focusing on AI-based search.

And the third thing is that he seems to be signaling that this $20 billion per year contract between Google and Apple, remember, Google pays Apple $20 billion a year to be the default option when you search things on your Apple device, when you're searching for things on Safari.

And the third thing is that he seems to be signaling that this $20 billion per year contract between Google and Apple, remember, Google pays Apple $20 billion a year to be the default option when you search things on your Apple device, when you're searching for things on Safari.

And the third thing is that he seems to be signaling that this $20 billion per year contract between Google and Apple, remember, Google pays Apple $20 billion a year to be the default option when you search things on your Apple device, when you're searching for things on Safari.

He seems to be signaling that after, when it's all said and done in this antitrust trial, that that contract will be outlawed, that the Google $20 billion per year contract with Apple will no longer exist. So many implications that are happening here as a result of these comments, and Wall Street really did not like it.

He seems to be signaling that after, when it's all said and done in this antitrust trial, that that contract will be outlawed, that the Google $20 billion per year contract with Apple will no longer exist. So many implications that are happening here as a result of these comments, and Wall Street really did not like it.

He seems to be signaling that after, when it's all said and done in this antitrust trial, that that contract will be outlawed, that the Google $20 billion per year contract with Apple will no longer exist. So many implications that are happening here as a result of these comments, and Wall Street really did not like it.

I mean, 9% drop in Google stock, that is a huge drop when you're looking at a $2 trillion plus company. So Scott, any reactions to what's happened here to Google? Any reactions to Eddie Q's comments in this testimony? What do you think of this news?

I mean, 9% drop in Google stock, that is a huge drop when you're looking at a $2 trillion plus company. So Scott, any reactions to what's happened here to Google? Any reactions to Eddie Q's comments in this testimony? What do you think of this news?

I mean, 9% drop in Google stock, that is a huge drop when you're looking at a $2 trillion plus company. So Scott, any reactions to what's happened here to Google? Any reactions to Eddie Q's comments in this testimony? What do you think of this news?

I'm hard agree with you on this. Just when I like, I mean, first, it might be worth asking, like, why exactly is Wall Street selling? And there are so many different reasons. I mean, is it because they believe Google will be broken up? Is it because they believe Google needs this partnership with Apple to dominate in search? Is it because they believe

I'm hard agree with you on this. Just when I like, I mean, first, it might be worth asking, like, why exactly is Wall Street selling? And there are so many different reasons. I mean, is it because they believe Google will be broken up? Is it because they believe Google needs this partnership with Apple to dominate in search? Is it because they believe

I'm hard agree with you on this. Just when I like, I mean, first, it might be worth asking, like, why exactly is Wall Street selling? And there are so many different reasons. I mean, is it because they believe Google will be broken up? Is it because they believe Google needs this partnership with Apple to dominate in search? Is it because they believe

Or because they learned that the search volume on Safari is going down? Is it because Apple is moving into AI and maybe that's evidence that AI-based search is going to kill traditional search? I mean, all of these questions, and my guess is it's sort of this... combination of all of these things. And I like what you said, like momentum has momentum.

Or because they learned that the search volume on Safari is going down? Is it because Apple is moving into AI and maybe that's evidence that AI-based search is going to kill traditional search? I mean, all of these questions, and my guess is it's sort of this... combination of all of these things. And I like what you said, like momentum has momentum.

Or because they learned that the search volume on Safari is going down? Is it because Apple is moving into AI and maybe that's evidence that AI-based search is going to kill traditional search? I mean, all of these questions, and my guess is it's sort of this... combination of all of these things. And I like what you said, like momentum has momentum.

It's almost like all of the uncertainty around those questions kind of turbocharged this pessimism surrounding Google. And that's why you saw this massive devaluation of the stock. But I do want to like step back and look at the valuation And more specifically, look at it vis-a-vis the sum of its parts.