Search is the biggest cash cow for $GOOGL. $GOOGL has many options but the bulk of their value is derived from search. Search is under attack from perplexity, chatGPT, xAI’s especially with deep research. Deep research is able to provide nice research reports, and when you watch CoT, it is mesmerizing. (Separately, we will slowly lose critical thinking is a concern).
Of course $GOOGL valuation reflects some of this. This is slowly going to morph into a battle ground stock. May be it is time to trim.