Jason Helfstein

They still have positive free cash.

We're still forecasting in the next few years that they're going to generate positive free cash per share, whereas the other companies are going to eat up all of their free cash to fund.

So you can make an argument that right now, Google right now is kind of in the best near-term position.

Well, you could argue they've been constantly building, too, right?

Like, they, you know, again, the biggest rub to Amazon is they just almost –

They weren't leaning into building centers fast enough and they kind of got it.

It just took them a year to kind of fix it.

Whereas Google never really stopped.

And then again, their business is fungible.

Like they can kind of maybe you move search compute away from countries of the world that maybe don't monetize particularly well because you want to allocate it to Gemini corporate customers who want to pay big bucks right now.

I mean, look, the search business needs to become the, you know, chatbot agentic business, right?

Like it's a transition.

So the idea is that, you know, okay, most of the revenue at 70%, almost all of it is like coming from what we consider traditional search, right?

You go to Google, you ask a question, there's a blue line, right?

More and more people are then like they're looking at AI overviews.

You're just starting to see some ads.

And then over time, and then it's AI mode, right?

Ultimately, search becomes AI mode.

Right?

Like at some point you go to Google and literally it is AI mode, right?