Jason Helfstein

So, I mean, Google basically is seeing the quickest return on investment.

because they basically have, we'll call it two and I'll call it two and ultimately it'll be three different businesses, right?

So you have a search business that relies on compute to do a better job answering your search questions and matching the advertising.

Then you have the Google Cloud business

that provides the same compute that businesses can buy, that Amazon, AWS, and Microsoft Azure sell, right?

And then the third stool is going to be AI, right?

It's going to be Gemini.

And the idea of it, that's both a model that enterprise customers can use and then ultimately a consumer tool, and we'll talk about it, but they should be in the pole position to have like the best

consumer assistant and everyone got all freaked out and excited about Claude bot.

Now we're calling it something else because open claw, open, open claw, right.

Cause we don't want to, you know, we want to, you know, violate a, um, anthropics, uh, a trademark there, but ultimately Google alphabet is in the best position to ultimately provide that to the consumer and, and, and kind of an easy and safe way.

So, but what that allows them to do is move their compute from their different businesses, right?

Whereas, you know, effectively Amazon has two businesses, but you can argue like how, you know, compute intensive is retail.

It used to be very, you know.

relative it was in the past more but now it's a very small percent of their compute right whereas like meta has one business right but google kind of has two kind of going to three and then potentially going to four right like if you separate gemini between consumer and enterprise and so as a result of that again you saw on a dollar basis um gcp google cloud

actually generated the same increase sequential in dollars as Amazon did, which is pretty amazing, and more than Microsoft, right?

So you could say that, you know, okay, Google Cloud is now taking share from Microsoft and Cloud.

On top of that, you had Search Accelerate.

And then there, you know,

what they're spending relative to the free cash they generate is not as impactful.