"Sure, Search will lose share. But Gemini is gaining much of what search loses and what matters to Google is Search plus its AI combined —and I feel strongly that number will only grow. As it is presently."

You meant Gemini that generates answers on the search website right? I agree they are still in a good position to figure out how to generate revenues from AI answers, but so far haven't.

I have another concern about Google organization. Google had the strongest AI research teams a few years ago, the current transformer architecture used by all AI engines (OpenAI, Anthropic) was published by Google research, they were the first to come out with AlphaGO that shocked the world. But somehow, they are behind OpenAI and Anthropic in consumer AI products despite their dominate search position, and haven't be able to close the gap a few years after the first ChatGPT that shocked the world. Could they become another AT&T Bell Lab?