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The Microsoft of the mobile and information age.

The Amazon for information and digital services.

A digital Berkshire Hathaway.

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• Google Search: An internet search engine that provides users with access to information across the web.
• Google Ads: A digital advertising platform that allows businesses to display ads on Google's search results and partner websites.
• Android: A widely used open-source mobile operating system for smartphones, tablets, and other devices.
• YouTube: A popular video sharing and streaming service where users can upload, view, and share videos.
• Google Cloud Platform (GCP): A suite of cloud computing services for businesses, offering infrastructure, platform, and software as a service.
• Pixel Devices: A line of consumer electronics hardware including smartphones, smartwatches, and smart home devices.
• Chrome: A fast and secure web browser developed by Google.
• Waymo: An autonomous driving technology company developing self-driving cars and ride-hailing services.

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Alphabet (GOOGL) primarily sells its services and products to other companies. Its largest revenue stream is derived from Google Ads, where millions of businesses worldwide pay to display advertisements across Google's network (Search, YouTube, Gmail, Maps, and partner websites/apps). Due to the highly diversified nature of its advertising business, no single customer accounts for more than 10% of Alphabet's total revenues, as stated in its SEC filings. This makes identifying individual "major customers" in the traditional sense of revenue concentration challenging for its core advertising segment.

However, for its Google Cloud Platform (GCP) segment, Alphabet serves numerous large enterprise clients who can be considered major customers within that specific business segment. These companies leverage GCP for their cloud computing, data analytics, machine learning, and infrastructure needs. Examples of such customers include:

• Ford Motor Company (NYSE: F)
• Target Corporation (NYSE: TGT)
• The Home Depot, Inc. (NYSE: HD)
• AT&T Inc. (NYSE: T)
• PayPal Holdings, Inc. (NASDAQ: PYPL)
• Spotify Technology S.A. (NYSE: SPOT)
• United Parcel Service, Inc. (NYSE: UPS)
• Deutsche Bank AG (NYSE: DB)
• Siemens AG (OTCMKTS: SIEGY)

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• Taiwan Semiconductor Manufacturing Company Limited (TSM)
• Intel Corporation (INTC)
• NVIDIA Corporation (NVDA)
• Samsung Electronics Co., Ltd. (005930.KS)
• Micron Technology, Inc. (MU)
• Qualcomm Incorporated (QCOM)

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Sundar Pichai CEO of Alphabet and Google

Sundar Pichai has served as the CEO of Google since 2015 and later as the CEO of its parent company, Alphabet, starting in 2019. He joined Google in 2004 as the head of product management and development, playing a key role in the creation of the Google Chrome browser and overseeing the Android operating system. Before joining Google, Pichai worked in management consulting at McKinsey & Company and at Applied Materials, a supplier of semiconductor materials. He is not a founder of Google or Alphabet but has achieved billionaire status through his leadership and compensation.

Anat Ashkenazi Chief Financial Officer of Alphabet

Anat Ashkenazi became the Chief Financial Officer of Alphabet in 2024. She previously served as Executive Vice President and CFO at Eli Lilly, bringing decades of financial leadership experience in healthcare and global operations to Alphabet.

Ruth Porat President and Chief Investment Officer of Alphabet and Google

Ruth Porat is the President and Chief Investment Officer of Alphabet and its subsidiary Google LLC, a role she assumed in July 2024. Prior to this, she served as the Chief Financial Officer of Alphabet and Google from 2015 to 2024. Before joining Google, Porat was the Executive Vice President & Chief Financial Officer of Morgan Stanley from January 2010 to May 2015. She began her career at Morgan Stanley in 1987 and played a critical role in stabilizing the firm during the 2008 financial crisis. Her current responsibilities include overseeing Alphabet's "Other Bets" ventures, private equity portfolios, and investments in real estate, infrastructure, and data centers.

Larry Page Co-founder and Board Member of Alphabet

Larry Page co-founded Google with Sergey Brin in 1998 and later co-founded Alphabet in 2015. He served as CEO of Google from 1997 to 2001 and again from 2011 to 2015, before becoming the CEO of Alphabet from 2015 to 2019. He stepped down from his executive role in 2019 but remains a board member and controlling shareholder of Alphabet. Along with Sergey Brin, he is credited with inventing the PageRank algorithm that powers Google's search engine.

Sergey Brin Co-founder and Board Member of Alphabet

Sergey Brin co-founded Google with Larry Page in 1998 and subsequently co-founded Alphabet in 2015. He served as the President of Alphabet until December 2019, when he stepped down from his executive position, though he remains a board member and controlling shareholder. Brin, along with Larry Page, developed the PageRank algorithm.

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1. AI Disruption and Competition in Search: Alphabet's core search advertising business faces a significant structural threat from the rise of generative artificial intelligence (AI) and intelligent agents. This shift in how users retrieve information, with AI systems answering questions directly, could reduce the need for traditional search queries, leading to an erosion of query volume, ad impressions, and click-through behavior, thereby impacting Google's margins. New AI-native competitors like OpenAI and Perplexity are challenging Google's search dominance by offering AI-first interfaces that are not constrained by a legacy ad business.
2. Intensifying Regulatory Pressure and Antitrust Investigations: Alphabet is under increasing scrutiny from regulators and faces ongoing antitrust investigations in both the United States and the European Union. The EU's Digital Markets Act (DMA) poses a substantial threat, potentially leading to significant fines (up to 10% of global turnover) and requiring structural changes, such as mandates for app store openness and payment system reforms. In the U.S., the Department of Justice's antitrust probe into Google's search monopoly and digital advertising practices could result in major changes to the company's business practices and even lead to divestiture of certain ad-related businesses.
3. Dependence on Advertising Revenue: A substantial portion of Alphabet's revenue is generated through advertising, primarily from Google Search and YouTube. This heavy reliance on advertising makes the company vulnerable to fluctuations in the advertising market, shifts in consumer behavior, and regulatory actions that could negatively impact its ad business. Changes in the advertising industry or increased competition from alternative advertising platforms could challenge Alphabet's ability to maintain its dominant position.

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One clear emerging threat to Alphabet (GOOGL) is the rise of generative AI chatbots and large language models (LLMs) like OpenAI's ChatGPT, Perplexity AI, and Microsoft's Copilot integrated into Bing. These technologies offer a fundamentally different paradigm for information retrieval, potentially bypassing traditional search engine result pages (SERPs) and the associated advertising revenue. Users can receive direct, synthesized answers to queries rather than a list of links, which could diminish the need to navigate Google's ad-supported search interface, thereby disrupting Google's core business model for information access and discovery.

Another clear emerging threat is the growing use of short-form video platforms, particularly TikTok, as a primary source for search and discovery, especially among younger demographics. For specific types of queries, such as product reviews, local recommendations, or instructional content, users are increasingly turning to TikTok and similar platforms instead of traditional search engines or YouTube. This behavioral shift represents a fragmentation of search intent and audience attention, potentially diverting advertising spend and user engagement away from Alphabet's core platforms like Google Search and YouTube.

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Alphabet (GOOGL) operates across several significant and expanding addressable markets globally.

• Google Search and Ads:
  • Google maintains a dominant global search engine market share, holding approximately 90.04% as of October 2025 and 91.62% as of February 2024.
  • The global online search ad market is projected to grow from $200 billion in 2023 to $350 billion by 2032.
  • Google Ads generated $237.8 billion in revenue in 2023 and had already reached $192.2 billion in the first three quarters of 2024. Google Ads commands an 80.20% market share of PPC, reaching 4.77 billion internet users worldwide.
• YouTube:
  • YouTube's global market share in video streaming ranges between 73% and 92% across various regions.
  • As of January 2025, YouTube had a global potential ad reach of 2.53 billion users.
  • YouTube's revenue from advertising grew to $31.5 billion in 2023 and $36.1 billion in 2024.
  • The platform boasted over 2.70 billion monthly active users globally as of June 2025.
• Google Cloud:
  • The global cloud computing market size is valued at over $900 billion in 2025 and is projected to reach $5.15 trillion by 2034, growing at a CAGR of 21.2%.
  • Google Cloud's global market share has shown consistent growth, reaching 9% in Q4 2021, 11% in early 2023, 12% in Q3 2024, and a record 13% in Q2 2025.
  • Global enterprise spending on cloud infrastructure services reached $99 billion in the second quarter of 2025.
• Android:
  • Android holds approximately 71.85% to 72.55% of the global mobile OS market share in 2025.
  • There are approximately 3.3 billion Android users globally as of 2025.
  • The global market size for Android App Development was approximately USD 170 billion in 2023 and is projected to reach USD 320 billion by 2032.
  • In North America, the Android App Development market size was approximately USD 50 billion in 2023.
• Waymo (Autonomous Vehicles):
  • The global autonomous vehicle market size is projected to grow from $1921.1 billion in 2023 to $13632.4 billion by 2030, at a CAGR of 32.3%. Another estimate places the global autonomous vehicle market size at USD 273.75 billion in 2025, forecasted to reach approximately USD 4,450.34 billion by 2034.
  • The global autonomous driving software market size was valued at USD 1.8 billion in 2023 and is projected to grow to USD 5.5 billion by 2032.
  • Waymo is predicted to hold 60% of the global autonomous taxi market by 2030, with global revenues from self-driving technologies potentially reaching up to $2.8 trillion by 2030.

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1. AI Integration and Monetization Across Google Search and Ads: Alphabet is leveraging AI to enhance its core Search business, with features like AI Overviews and AI Mode driving higher user engagement and expanding query volumes. This AI-powered innovation also significantly improves advertising effectiveness through better targeting, automation, and performance optimization (e.g., Performance Max campaigns), leading to increased ad revenue. The company's Q3 2025 results showed Google's search business alone generated $56 billion, rising 15% year over year, with CEO Sundar Pichai attributing this growth to AI.
2. Accelerated Growth of Google Cloud, Fueled by AI Infrastructure and Generative AI Solutions: Google Cloud Platform (GCP) continues to be a robust growth engine for Alphabet. The company is making substantial capital expenditures to expand its data center capacity and enhance its AI infrastructure, including custom Tensor Processing Units (TPUs), to meet surging demand for cloud services and generative AI solutions. Google Cloud's revenue increased 34% to $15.2 billion in Q3 2025, driven by strong growth in core GCP products, AI infrastructure, and generative AI solutions.
3. Expansion and Diversification of YouTube's Revenue Streams: YouTube remains a significant contributor to Alphabet's revenue, with growth driven by both traditional advertising and the increasing success of new formats. YouTube advertising revenue grew 15% in Q3 2025. Notably, YouTube Shorts are generating more ad revenue per watch hour than long-form videos in the U.S., highlighting a growing monetization channel. Additionally, the growth in YouTube's subscription services, including YouTube Music, YouTube Premium, and YouTube TV, contributes to higher-margin revenue.
4. Growth in Google's Broader Subscriptions, Platforms, and Devices Ecosystem: Beyond YouTube subscriptions, Alphabet is seeing revenue growth from other subscription services like Google One and its "Made by Google" devices, including the Pixel series. The segment encompassing Google subscriptions, platforms, and devices increased 20.8% year-on-year in Q3 2025. This indicates a broader strategy of expanding recurring revenue and hardware sales.

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Share Repurchases

• Alphabet authorized a $70 billion share repurchase program in April 2024. Similar authorizations of $70 billion were made in Q1 2023 and Q1 2022.
• The company repurchased approximately $62.222 billion in 2024, $61.504 billion in 2023, and $59.296 billion in 2022.
• As of September 30, 2025, Alphabet had completed the repurchase of 372,602,461 shares, valued at $66,296.18 million, under the buyback program announced on April 25, 2024.

Share Issuance

• Alphabet's shares outstanding have seen a decline, with 2024 reporting 13.313 billion shares, a 2.1% decrease from 2023, and 2023 showing 13.599 billion shares, a 3.18% decrease from 2022, primarily due to repurchases.
• The issuance of Class C stock is utilized to fund employee equity incentive programs and for stock-based acquisition transactions.
• Stock-based compensation expenses amounted to $22.4 billion in 2023 and $19.4 billion in 2022.

Outbound Investments

• Alphabet acquired Mandiant for $5.4 billion in March 2022, enhancing its cybersecurity capabilities.
• Other notable acquisitions include Raxium for $1 billion (MicroLED technology) in March 2022, Siemplify for $500 million (security orchestration) in January 2022, and Alter for $100 million (augmented reality) in October 2022.
• The company plans to acquire Wiz for $32 billion to integrate into Google Cloud.

Capital Expenditures

• Capital expenditures were $52.535 billion in 2024, $32.251 billion in 2023, and $31.485 billion in 2022.
• Alphabet anticipates capital expenditures to reach between $91 billion and $93 billion in 2025, an increase from an earlier projection of $75 billion for the same year.
• The primary focus of these expenditures is on building out AI infrastructure, data centers, and cloud services to meet growing demand for AI services and cloud customers.