1. Cloud killed it.

2. Youtube meh, like always (weird that it doesn't kill it)

3. Search -- this was the issue. QonQ 0.1% <-- the whole story

Everyone has expected Search to, sooner or later, crack. This looks like it may be it.

If Google had 30B in revenue from coding tools and a few billion from Gemini Enterprise then there would be a story that Google could get through this.

But GDM didn't execute. And that's that.

Who knows the bottom. More than 10-15% seems unlikely. But if search cracks again next quarter then we'll see a real revaluing of the business.

Google did not have the proper focus on AI. They should have owned the space. But there were clearly management issues.