Googles Search Ad revenue is dead, but the business is diversified and positioned for change. As of 2024:

Search Ads and Partner Revenue = 230bn Youtube = 36bn Cloud = 40bn

Say they drop 100bn on search revenue. How well are they positioned to convert their user platform and search crawling infrastructure onto Gemini, and introduce an advertising platform into LLMs to replace what they had? I imagine they are as well positioned as OpenAI.

I would lose a lot of sleep if I paid out for puts on them.