> That's assuming their flagship product remains relevant in an AI-powered world.

The big advantage Google has, in my opinion, is Android. I think there is a decent chance that people stop downloading the ChatGPT, Claude, etc. apps if they perceive that the phone just does the same out of the box for free. And I reckon the majority of people will prefer free, ad-ridden AI chat vs. paying subscriptions, at least for personal use. And on the B2B side, they have Workspace deeply embedded in a huge number of companies. So I wouldn't count Google out.