Mark Mahaney

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

So in their quarterly filings, they disclose two metrics behind search. Paid click growth and then price per search, CPM. And so this last quarter, they did 9% to 10% search revenue growth. And what they disclosed in the queue was that they got there through 2% query growth and 7%-ish pricing growth.

So in their quarterly filings, they disclose two metrics behind search. Paid click growth and then price per search, CPM. And so this last quarter, they did 9% to 10% search revenue growth. And what they disclosed in the queue was that they got there through 2% query growth and 7%-ish pricing growth.

So in their quarterly filings, they disclose two metrics behind search. Paid click growth and then price per search, CPM. And so this last quarter, they did 9% to 10% search revenue growth. And what they disclosed in the queue was that they got there through 2% query growth and 7%-ish pricing growth.

And generally what investors want, growth investors want, is they want more growth to come from units than from pricing. And I know there's a lot of things that go into those metrics, and there's a lot of noise behind there. But still, that unit growth has been slowing for a couple of years, and they're concerned that it could go negative. Why would it go negative?

And generally what investors want, growth investors want, is they want more growth to come from units than from pricing. And I know there's a lot of things that go into those metrics, and there's a lot of noise behind there. But still, that unit growth has been slowing for a couple of years, and they're concerned that it could go negative. Why would it go negative?

And generally what investors want, growth investors want, is they want more growth to come from units than from pricing. And I know there's a lot of things that go into those metrics, and there's a lot of noise behind there. But still, that unit growth has been slowing for a couple of years, and they're concerned that it could go negative. Why would it go negative?

Because it's a very mature business. It's not saturated, but it's clearly mature. But the second thing is they may well be losing query share to investors. you know, to perplexity, but particularly to chat GPT. That's the overhand concern. I still like Google as a stock because I think this risk is more than priced in.

Because it's a very mature business. It's not saturated, but it's clearly mature. But the second thing is they may well be losing query share to investors. you know, to perplexity, but particularly to chat GPT. That's the overhand concern. I still like Google as a stock because I think this risk is more than priced in.

Because it's a very mature business. It's not saturated, but it's clearly mature. But the second thing is they may well be losing query share to investors. you know, to perplexity, but particularly to chat GPT. That's the overhand concern. I still like Google as a stock because I think this risk is more than priced in.

And I think they're doing a lot of great innovations to make the search product better. But that explains why the stock is so cheap.

And I think they're doing a lot of great innovations to make the search product better. But that explains why the stock is so cheap.

And I think they're doing a lot of great innovations to make the search product better. But that explains why the stock is so cheap.

Absolutely, it is. It's part of the option value in the name. I'm here in Waymo Central. I can look out my window here in San Francisco and see Waymo circling around the financial district. By the way, I can see Uber circling around too. It's just they're not marked. So it's not as obvious. But yeah, I've watched Waymo. I've written reports on Waymo. I mean,

Absolutely, it is. It's part of the option value in the name. I'm here in Waymo Central. I can look out my window here in San Francisco and see Waymo circling around the financial district. By the way, I can see Uber circling around too. It's just they're not marked. So it's not as obvious. But yeah, I've watched Waymo. I've written reports on Waymo. I mean,

Absolutely, it is. It's part of the option value in the name. I'm here in Waymo Central. I can look out my window here in San Francisco and see Waymo circling around the financial district. By the way, I can see Uber circling around too. It's just they're not marked. So it's not as obvious. But yeah, I've watched Waymo. I've written reports on Waymo. I mean,

just i'm a huge fan boy fan person of uh of waymo but it's still so early stage this is going to take years before it's truly mass market but they're seeing great adoption in some of their newer cities and i think that there's a chance here for um google to own the um avos the um autonomous vehicle operating system.

just i'm a huge fan boy fan person of uh of waymo but it's still so early stage this is going to take years before it's truly mass market but they're seeing great adoption in some of their newer cities and i think that there's a chance here for um google to own the um avos the um autonomous vehicle operating system.

just i'm a huge fan boy fan person of uh of waymo but it's still so early stage this is going to take years before it's truly mass market but they're seeing great adoption in some of their newer cities and i think that there's a chance here for um google to own the um avos the um autonomous vehicle operating system.

And there was a company 30 years ago that minted a fortune creating the operating system for computers. And now the open question, I think there's going to be a company that's going to mint a fortune creating the operating system, autonomous vehicle operating system for all vehicles. I think that's where Google's going to go with Waymo, whether they win that or not.