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google is fighting openai and anthropic with gemini, nvidia with its custom tpu chips, microsoft and aws with google cloud, meta with search and digital advertising, tesla with waymo, and apple with android, pixel, chrome, and its broader ecosystem.
most companies would be lucky to survive against one of those competitors.
google is going up against all of them at the same time.
on top of that, it owns youtube, google maps, gmail, google photos, google play, chrome, android, cloud, waymo, and one of the strongest ai research organizations on the planet. billions of people use at least one google product every single day, often without even thinking about it.
what’s crazy is that even at a $4.6 trillion valuation, it still doesn’t feel outrageously expensive. not because it’s some hidden bargain, but because the scale of the business is almost hard to comprehend.
when i look at the list of assets, cash generation, network effects, and the number of industries it competes in, i struggle to think of another company in history with a portfolio this deep.
what’s the bear case here? what am i missing?