Jeff Wang

And if someone is getting better return on ad spend, the CPMs for these ads go up. So there's a massive moat for some of these largest companies. Now, what I worry about is this will start to disperse more broadly, but at least in the initial stages of AI, where your data and distribution are so important, I think the Mag7 will continue to do quite well.

And if someone is getting better return on ad spend, the CPMs for these ads go up. So there's a massive moat for some of these largest companies. Now, what I worry about is this will start to disperse more broadly, but at least in the initial stages of AI, where your data and distribution are so important, I think the Mag7 will continue to do quite well.

On Google, I'd argue GCP is not the cash cow. It's search. With search... I'm not sure. I'm not sure how AI is going to impact search. Where it is today, AI is really good at taking low signal data and translating into high value output. So in the case of meta, taking what you're looking at on Instagram and figuring out, okay, you want to go buy this type of product. That is incredibly valuable.

On Google, I'd argue GCP is not the cash cow. It's search. With search... I'm not sure. I'm not sure how AI is going to impact search. Where it is today, AI is really good at taking low signal data and translating into high value output. So in the case of meta, taking what you're looking at on Instagram and figuring out, okay, you want to go buy this type of product. That is incredibly valuable.

On Google, I'd argue GCP is not the cash cow. It's search. With search... I'm not sure. I'm not sure how AI is going to impact search. Where it is today, AI is really good at taking low signal data and translating into high value output. So in the case of meta, taking what you're looking at on Instagram and figuring out, okay, you want to go buy this type of product. That is incredibly valuable.

Google's got an incredibly valuable machine in that you type into the Google search bar exactly what you want. You type in skiing in Park City. Well, guess what? I know you want to go skiing in Park City. Your intentionality is 100% known at that point for me.

Google's got an incredibly valuable machine in that you type into the Google search bar exactly what you want. You type in skiing in Park City. Well, guess what? I know you want to go skiing in Park City. Your intentionality is 100% known at that point for me.

Google's got an incredibly valuable machine in that you type into the Google search bar exactly what you want. You type in skiing in Park City. Well, guess what? I know you want to go skiing in Park City. Your intentionality is 100% known at that point for me.

Whereas I think for Meta, I think the value of AI is, at least on the ad matching side, I look at a bunch of what you are browsing on Instagram and I say, okay, Harry wants to go skiing. He hasn't decided yet that he wants to go to Park City. Maybe he wants to go to Whistler. How do I then move you in that path to get you to a different location?

Whereas I think for Meta, I think the value of AI is, at least on the ad matching side, I look at a bunch of what you are browsing on Instagram and I say, okay, Harry wants to go skiing. He hasn't decided yet that he wants to go to Park City. Maybe he wants to go to Whistler. How do I then move you in that path to get you to a different location?

Whereas I think for Meta, I think the value of AI is, at least on the ad matching side, I look at a bunch of what you are browsing on Instagram and I say, okay, Harry wants to go skiing. He hasn't decided yet that he wants to go to Park City. Maybe he wants to go to Whistler. How do I then move you in that path to get you to a different location?

Or maybe you're even earlier on in the funnel and you say, I just, Harry wants to go on vacation. And maybe you haven't even decided on skiing. Maybe you want to go, you want to go to the beach. So I think AI has a lot of value for that. I'm not sure as much for Google.

Or maybe you're even earlier on in the funnel and you say, I just, Harry wants to go on vacation. And maybe you haven't even decided on skiing. Maybe you want to go, you want to go to the beach. So I think AI has a lot of value for that. I'm not sure as much for Google.

Or maybe you're even earlier on in the funnel and you say, I just, Harry wants to go on vacation. And maybe you haven't even decided on skiing. Maybe you want to go, you want to go to the beach. So I think AI has a lot of value for that. I'm not sure as much for Google.

How do you influence, how do you drive a material uplift in search when you have one of the most beautiful businesses out there ever?

How do you influence, how do you drive a material uplift in search when you have one of the most beautiful businesses out there ever?

How do you influence, how do you drive a material uplift in search when you have one of the most beautiful businesses out there ever?

We're not either long or short, Google, but I do think there are more threats on Google's business than there have been essentially ever in the company's history. I don't think it's just perplexity. In fact, if I were to say, who do I think is going to be the number two threat in search to Google? I think it's probably Meta, right?

We're not either long or short, Google, but I do think there are more threats on Google's business than there have been essentially ever in the company's history. I don't think it's just perplexity. In fact, if I were to say, who do I think is going to be the number two threat in search to Google? I think it's probably Meta, right?

We're not either long or short, Google, but I do think there are more threats on Google's business than there have been essentially ever in the company's history. I don't think it's just perplexity. In fact, if I were to say, who do I think is going to be the number two threat in search to Google? I think it's probably Meta, right?