I feel like this was a narrative early on when Google's stock was not as favored - but clearly the market has seen Gemini's success as a reason to believe the company will become even more profitable long-term.
That said, I feel like I'm missing something because this still feels like an unanswered question to me. I'm aware that search revenues have only increased since AI took off, but we're still in the early innings of AI's impact on these sorts of things. Logically, it has always made sense to me that click-through rates and conversion would go down as more people just get their answers from AI chatbots. Obviously the market disagrees - but I'm curious how you're all thinking of this, seeing as Google is once again the market's darling?