Mark Mahaney

Over the last two to three years, I think they also used AI to rebuild almost completely their ad tech stack post the Apple privacy changes two or three years ago. So I think they've already been deploying it. And you're right. They have one huge advantage, which they've got first party data, which nobody else, Google will have to.

Over the last two to three years, I think they also used AI to rebuild almost completely their ad tech stack post the Apple privacy changes two or three years ago. So I think they've already been deploying it. And you're right. They have one huge advantage, which they've got first party data, which nobody else, Google will have to.

Over the last two to three years, I think they also used AI to rebuild almost completely their ad tech stack post the Apple privacy changes two or three years ago. So I think they've already been deploying it. And you're right. They have one huge advantage, which they've got first party data, which nobody else, Google will have to.

But those two companies, you know, Facebook is one of the very few that has that kind of. level of data. So yeah, I think because they don't have a separate cloud business that people have wondered whether they're a real AI play. I absolutely agree with you, Scott. I think they are an AI play.

But those two companies, you know, Facebook is one of the very few that has that kind of. level of data. So yeah, I think because they don't have a separate cloud business that people have wondered whether they're a real AI play. I absolutely agree with you, Scott. I think they are an AI play.

But those two companies, you know, Facebook is one of the very few that has that kind of. level of data. So yeah, I think because they don't have a separate cloud business that people have wondered whether they're a real AI play. I absolutely agree with you, Scott. I think they are an AI play.

They're a play at the AI application layer, which we don't really have many examples of, but they're sitting right in front of us. I think they're a wonderful example of AI.

They're a play at the AI application layer, which we don't really have many examples of, but they're sitting right in front of us. I think they're a wonderful example of AI.

They're a play at the AI application layer, which we don't really have many examples of, but they're sitting right in front of us. I think they're a wonderful example of AI.

Google is the cheapest stock. I've thought about two or three overhangs on a stock which explain why it's the cheapest stock. It's got a DOJ overhang. Is it going to be DOJ roadkill? It's got an AI overhang. Are they going to be Gen AI roadkill?

Google is the cheapest stock. I've thought about two or three overhangs on a stock which explain why it's the cheapest stock. It's got a DOJ overhang. Is it going to be DOJ roadkill? It's got an AI overhang. Are they going to be Gen AI roadkill?

Google is the cheapest stock. I've thought about two or three overhangs on a stock which explain why it's the cheapest stock. It's got a DOJ overhang. Is it going to be DOJ roadkill? It's got an AI overhang. Are they going to be Gen AI roadkill?

You know, are we all moving towards ChatGPT or significant enough of us moving a significant enough of our queries over to ChatGPT perplexity and maybe some other entrance. So those are the two overhangs.

You know, are we all moving towards ChatGPT or significant enough of us moving a significant enough of our queries over to ChatGPT perplexity and maybe some other entrance. So those are the two overhangs.

You know, are we all moving towards ChatGPT or significant enough of us moving a significant enough of our queries over to ChatGPT perplexity and maybe some other entrance. So those are the two overhangs.

And then when Google prints up a quarter like they did last week, but then they disclose that their paid click growth grew 2% year over year, it kind of feeds into this thesis that, you know, this company is going to go negative in terms of unit growth soon. They talk about how AI overviews, AIO is really boosting their search queries.

And then when Google prints up a quarter like they did last week, but then they disclose that their paid click growth grew 2% year over year, it kind of feeds into this thesis that, you know, this company is going to go negative in terms of unit growth soon. They talk about how AI overviews, AIO is really boosting their search queries.

And then when Google prints up a quarter like they did last week, but then they disclose that their paid click growth grew 2% year over year, it kind of feeds into this thesis that, you know, this company is going to go negative in terms of unit growth soon. They talk about how AI overviews, AIO is really boosting their search queries.

But if that's true, why is your paid click growth only growing 2% year over year?

But if that's true, why is your paid click growth only growing 2% year over year?