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Google stock dipped because search traffic is shifting to LLMs. Even if Gemini got a large percentage of that, margins are much worse.

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And they'll continue to get worse because anyone can build this tech and play this game now.

The old moats are falling. The old rent seekers are losing their sway.

You love to see it.

Anyone could build a search engine too, and many did, but none could dethrone Google in the end.

This is radically different.

This is the Zerg rush era.

Zerg rush lets you build fast. "I can build anything at 10x speed" doesn't mean you can actually change user behavior. That's not an engineering problem, it's mostly a marketing problem, and you probably can't out-market Google. They own the ad platform!

Users will spill over from shitty experiences to non shitty ones.

It's easier to build everything now.

AI is a catalyst and the activation energy is much lower.

High energy (shitty) systems will not prevail.

Unfortunately, I don't think history actually substantiates the claim that users evaluate all their options and migrate away from systems as they enshittify.

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