A tech-focused Berkshire Hathaway.

The internet's foundational utility, similar to a global AT&T or Comcast for information and digital services.

The global operating system for the internet, analogous to Microsoft's Windows for personal computing, but encompassing search, mobile, and video.

• Google Search: An *Information Retrieval Service* that allows users to find information on the world wide web.
• YouTube: A *Video Content Platform* enabling users to upload, share, and watch videos.
• Android: A widely used *Mobile Operating System* primarily for smartphones and tablets.
• Google Cloud Platform (GCP): A *Cloud Computing Service* offering infrastructure, data analytics, and machine learning tools to businesses.
• Google Ads: A *Digital Advertising Service* providing platforms for businesses to display ads across Google's network.
• Chrome: A popular *Web Browser* used for accessing the internet.
• Google Maps: A *Mapping and Navigation Service* offering interactive maps, satellite imagery, and route planning.
• Google Pixel: A line of *Consumer Electronics Products* including smartphones, smart home devices, and other hardware developed by Google.

Alphabet (GOOG) primarily sells to other companies. Its major revenue streams, particularly advertising (Google Search, YouTube) and Google Cloud, are business-to-business (B2B) in nature. While its advertising platform serves millions of businesses, Google Cloud has specific enterprise customers. Here are three examples of companies that are significant customers, particularly for Google Cloud services, and are also likely major digital advertisers:

• Target Corporation (NYSE: TGT)
• Ford Motor Company (NYSE: F)
• PayPal Holdings, Inc. (NASDAQ: PYPL)

• Taiwan Semiconductor Manufacturing Company (TSM)
• Samsung Electronics (SSNLF)
• Intel (INTC)
• Advanced Micro Devices (AMD)
• Micron Technology (MU)
• Hon Hai Precision Industry (HNHPF)
• Sony Group Corporation (SONY)
• LG Display (LPL)

Sundar Pichai CEO, Alphabet & Google

Sundar Pichai joined Google in 2004, where he initially led product management and innovation efforts for products including Google Toolbar, Chrome, ChromeOS, Gmail, Android, and Google Maps. Before his tenure at Google, he worked in engineering and product management at Applied Materials and in management consulting at McKinsey & Company. He was appointed CEO of Google in 2015 and subsequently CEO of Alphabet Inc. in 2019.

Anat Ashkenazi Chief Financial Officer, Alphabet

Anat Ashkenazi became the Chief Financial Officer of Alphabet in 2024. She joined the company from Eli Lilly, where she held the position of Executive Vice President and CFO, bringing decades of financial leadership experience from the healthcare and global operations sectors.

Ruth Porat President & Chief Investment Officer, Alphabet & Google

Ruth Porat has served as President and Chief Investment Officer of Alphabet and Google since September 2023. Prior to this role, she was the Senior Vice President and Chief Financial Officer of Alphabet and Google from May 2015 until July 2024. Before joining Google, Ms. Porat spent 27 years at Morgan Stanley, serving as Executive Vice President and Chief Financial Officer from 2010 to 2015. During her time at Morgan Stanley, she was credited with advising the U.S. Treasury during the 2008 financial crisis and for her role in creating European debt financing that supported Amazon in 2000. She is also a member of the Board of Directors of Blackstone Inc.

Thomas Kurian CEO, Google Cloud

Thomas Kurian has been the CEO of Google Cloud since 2018. Before joining Google, he had a distinguished 22-year career at Oracle, where he was President of Product Development.

Kent Walker President, Global Affairs & Chief Legal Officer, Alphabet & Google

Kent Walker has served as President, Global Affairs & Chief Legal Officer for Alphabet and Google since 2021. He joined Google in 2006 and is responsible for overseeing the company's legal matters, content policies, trust and safety, and philanthropic initiatives. Prior to Google, he held general counsel positions at several technology companies, including eBay, Liberate Technologies, and Excite@Home.

The clear emerging threat to Alphabet is the rise of advanced generative AI models and AI-powered conversational search interfaces. These technologies, exemplified by platforms like OpenAI's ChatGPT and Microsoft's integration of similar capabilities into Bing, directly challenge Google's traditional search engine paradigm. Instead of providing a list of links for users to sift through, these AI models can directly answer complex questions, summarize information, generate content, and complete tasks within the conversational interface itself.

This shift has the potential to fundamentally alter user behavior in information discovery, leading to fewer clicks on traditional search result pages and consequently impacting the effectiveness and revenue generated by Google's core search advertising business. If users increasingly obtain direct answers from AI without navigating to websites served by Google Ads, it could erode Alphabet's primary revenue stream.

Below are the addressable market sizes for Alphabet's main products and services, along with the relevant regions:

• Google Search & Ads (Digital Advertising):
  • The global digital advertising market was estimated at USD 488.4 billion in 2024 and is projected to reach USD 1,164.25 billion by 2030, growing at a CAGR of 15.4% from 2025 to 2030.
  • Another estimate places the global digital ad spending market size at USD 600 billion in 2024, forecasted to hit approximately USD 1,483 billion by 2034, with a CAGR of 9.47% from 2025 to 2034.
  • The global advertising market is expected to exceed $1 trillion in revenue in 2024 and is projected to grow to $1.1 trillion in 2025, with digital ads potentially accounting for 82% of total revenue.
  • North America held a dominant share of over 31% in the digital advertising market in 2024, with its market size estimated at USD 228.00 billion in the same year.
  • The global search engine market size was valued at USD 203.1 billion in 2023 and is projected to reach USD 478.9 billion by 2031, growing at a CAGR of 10% between 2026 and 2032. Other forecasts indicate the global search engine market size will be USD 205.79 billion in 2025, potentially reaching USD 526.41 billion by 2034.
  • North America maintains a dominant position in the search engine market.
• Android (Mobile Operating System):
  • The global mobile operating system market is projected to grow from USD 54.51 billion in 2025 to USD 74.72 billion by 2030.
  • Another source states the smartphone operating system (OS) market size was USD 52.20 billion in 2024 and is expected to reach USD 83.20 billion by 2032, growing at a CAGR of 6% from 2025 to 2032.
  • The global smartphone operating system market was valued at approximately USD 192.2 billion in 2024 and is anticipated to reach USD 406.8 billion by 2035, growing at a CAGR of 7.05% from 2025 to 2035.
  • Android holds approximately 70% of the global mobile operating system market share.
  • North America held the largest share in the global smartphone operating system market in 2024.
• YouTube (Video Streaming):
  • The global video streaming market size was estimated at USD 129.26 billion in 2024 and is projected to reach USD 416.8 billion by 2030, with a CAGR of 21.5% from 2025 to 2030.
  • Another valuation places the video streaming market size at USD 104.8 billion in 2024, with an estimated growth to USD 411.7 billion by 2033.
  • The global video streaming market was valued at USD 674.25 billion in 2024 and is projected to grow to USD 2,660.88 billion by 2032.
  • North America dominated the video streaming market with a 31.3% share in 2024. The U.S. video streaming market is predicted to reach USD 610.59 billion by 2032.
  • YouTube ads have a potential global reach of 2.53 billion people.
• Google Cloud (Cloud Computing):
  • The global cloud computing market size was estimated at USD 752.44 billion in 2024 and is projected to reach USD 2,390.18 billion by 2030, growing at a CAGR of 20.4% from 2025 to 2030.
  • Other estimates state the global cloud computing market is worth around $912.77 billion in 2025 and could reach $5.15 trillion by 2034.
  • Another source valued the global cloud computing market size at USD 676.29 billion in 2024, with a projection to grow to USD 2,291.59 billion by 2032, exhibiting a CAGR of 16.62% during the forecast period.
  • North America held a significant revenue share of around 39.0% in 2024 and dominated the cloud computing industry with a market share of 52.27% in 2024.
• Waymo (Autonomous Driving/Ride-Hailing):
  • The autonomous ride-hailing market is projected to reach $1.2 trillion by 2040 globally.
  • Morgan Stanley estimates that the adoption of vehicles with partial to full automation could create a $200 billion market by 2030, potentially growing to $300–400 billion by 2035.
  • Some analysts suggest that Waymo represents a "multi-trillion-dollar global market" that could eventually surpass Google's core advertising business.
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1. AI Integration and Monetization Across Core Products: Artificial intelligence is a central and pervasive driver of future revenue growth for Alphabet. The company is actively integrating AI across its core products, including Search, advertising, and its various platforms. In Google Search, AI-powered features like AI Overviews and AI Mode are expanding the types and volume of user queries, enhancing user engagement, and proving to monetize at parity with traditional search ads. Furthermore, AI is expected to improve the advertising business through better ad targeting, pricing, and content recommendations, with AI-powered video campaigns on YouTube already delivering higher returns on ad spending. Gemini models and other AI solutions are significantly contributing to performance across the company's segments.
2. Accelerated Growth of Google Cloud: Google Cloud is consistently highlighted as a primary growth engine for Alphabet, with strong and accelerating revenue growth projected to continue over the next few years. This growth is largely fueled by the burgeoning demand for AI workloads, infrastructure, and generative AI solutions, attracting new customers and winning larger deals. Google Cloud has demonstrated robust performance, with significant increases in backlog, including billion-dollar enterprise contracts, indicating sustained demand for its services. The company's heavy investment in technical infrastructure, including data centers and custom AI chips like TPUs, supports this expansion and its ability to meet customer demand.
3. Expansion and Diversification of YouTube Revenue: YouTube continues to be a significant contributor to Alphabet's revenue, driven by growth in both advertising and subscriptions. Advertising revenue is expected to accelerate, with continued strength in direct response and brand advertising across various categories like retail, media/publishing, and financial services. The platform is also actively expanding its subscription offerings, including YouTube Music, YouTube Premium, YouTube TV, and NFL Sunday Ticket, with a focus on increasing paid subscribers. Furthermore, YouTube Shorts is a key area of investment, aiming to broaden the platform's reach and diversify revenue streams, with revenue per hour in some regions matching or exceeding traditional streams.
4. Growth in Google Services (Search & Other Advertising): Despite discussions around potential AI impact, Google Search and other advertising revenues remain a primary contributor to Alphabet's overall growth. Recent earnings reports show continued strong performance, with AI features enhancing user engagement and monetization efficiency rather than cannibalizing the core business. Growth in this segment is broad-based across various verticals, with retail, financial services, and other major categories expanding through new AI-driven monetization mechanics.
5. Growth in Google Subscriptions, Platforms, and Devices: The "Google subscriptions, platforms, and devices" segment (formerly "Google other") is also showing strong double-digit revenue growth. This includes revenues from Google One subscriptions, the Play Store, and hardware such as the Pixel series, Pixel Watch, and Pixel Buds. The expansion of YouTube's subscription offerings is a key driver within this broader category, as is the growing traction of AI-integrated Pixel hardware.