I don't think that other revenue stream is completely separate. It weighs on them as they need to think about tradeoffs. Classical search is going away sooner or later so they need to replace that with AI powered search.

Data centers are important but a few others also has them: Amazon, Microsoft, Meta. SpaceX will likely be in/at the top I AI dedicated precessing power in 2027 as well.

I don't see the moat. I see a company with a lot of other commitments that is not the best at delivering consumer facing products. They have some good cards but so do others.