Subject: Re: Valuation
> AI disrupting the search business does raise my eyebrows a bit.

Google is so good at AI that I don't believe that they didn't even realized that they should pretend to be concerned by another competitive AI threat. I know not all moats are infinite, and I wouldn't be terribly surprised to see domain specific disruptions of their search product. But I also doubt that most people reframe their google searches as "prompt engineering", even though that - combined with a host of other signals - is what they have been doing for quite some time. And only in service of displaying ads, which we all know is the real product.