Phil Hellmuth

I'm going to take the other side of it.

I think what's going to happen is the AI gains in advertising targeting and the number of searches is going to go up.

So while the revenue per search might go down, the number of searches goes up, and then the targeting goes up.

So I'm going to take the other side of it.

I think the search franchise is going to grow, and that Google is not going to lose to ChatGPT.

And I think the big loser in all this is going to be OpenAI, because they started with 100% of the market, and they're only going down.

And they're facing Google firing on all cylinders, Anthropic and Grok beating them in the leaderboards pretty consistently.

So I think the short in all of this, if you were going to put on the pair trade, is short OpenAI, which I think is overvalued and is going to go down.

And I think I would be long Google, Grok, and Anthropic.

I think that they're going to have many challenges.

Also, I don't think the startup community, I'll just add this as my final thought on it, the startup community is not trusting OpenAI with their data.

If you use OpenAI and you see them releasing products like Sora, if you were in the space of doing image generation, social networking, why would you trust OpenAI with your data?

If you're doing a cursor and OpenAI has that product, they're not going to trust them.

They're going to go with a model like Anthropic, which is taking a more neutral, we're not going to go to the application level.

And they're also using deep seek and open source models, again, because they don't want to give their data and their advantage over to a person and enabling somebody who might compete with them.

Let me just, yeah, go ahead.

Okay.

So announcements 2026, impact 27?

Probably fair.

Sure.