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The PDF seems to indicate otherwise?

Google Search & other 40B YouTube ads 6.7B Google Network 7.5B Google other 7.4B Google Cloud 7.5B Other Bets 0.288B

Of which Google Cloud uses infrastructure funded by search, youtube, and ads. The Cloud costs would grow drastically if there were not Search/Ads business

Normally, when a company gets 80% of their revenue from one line of business, the market does not see them as "diversified". Are you saying that you think everyone on HN thinks they get a larger precentage of their revenue from ads, or that the 80/20 split in their revenue does not accurately represent their diversification?

Google has a cash cow that they fund all their side adventures with. And once they get board of one they either shut it down or just abandon it.