Subject: Sum of the Parts
Its been a while since I did a sum of the parts.

			TTM	Q4	Q3	Q2	Q1
Cloud			43.23	11.96	11.35	10.35	 9.57
YouTube			36.14	10.47	 8.92	 8.66	 8.09
Advertising	       269.21	73.64	67.61	65.37	62.59
Other Bets		 1.44	 0.40	 0.39	 0.37	 0.28
		       350.02	96.47	88.27	84.74	80.54

Attaching multiples to these can be tricky, but here is one take:

	           Valuation	Multiple
Cloud	           432.3	10
YouTube	           289.1	8
Advertising	  1346.0	5
Other Bets	     7.2	5
	          2074.7

I don't think YouTube is "worth" $500B, but its clearly growing quickly and could be worth as much as $300B (perhaps even higher). Definitely a significant component of the overall company value. The Cloud business (which I would include AI in) is probably worth almost $500B - note: OpenAI just raised $40B at a valuation of $300B; their revenues are around 1/3 ($12B) of Google Cloud, but are growing much faster of course.

Reminder: Google has about $100B of cash on hand.

BTW: I think Waymo is probably worth much more than $7.2B - possibly as much as $15B or higher; but its very difficult to assess this segment of their business.

For posterity
GOOG : $158 / share --> $1,920B Valuation

tecmo
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