- Gemini AI (650M monthly users, up from 450M)
- AI Overviews in search
- Cloud enterprise push ($155B backlog, 70%+ using AI)
- Won $10B Meta cloud contract
- CapEx increase to $91-93B for AI infrastructure
- Antitrust risk (most severe of group)
- Search disruption from AI fundamentally changing behavior
- Advertising concentration (72% of revenue)
- EU fines ($3.45B in Q3, more possible)
- Competition intensifying across all segments