Can AI Overviews sustain revenue per session even as they reduce clicks per query?

Google Search is Alphabet's anchor business, generating $224.5B in FY2025 revenue (56% of total) with accelerating growth (Q1 +10% to Q4 +17%). The PIE model values Search at $135/share (49% of equity, $1.63T). Search faces a transformative moment: AI Overviews now appear on 48% of queries and...

Can Google Cloud sustain 40%+ growth into 2026 given capacity constraints, or will supply bottlenecks throttle growth to 30-35%?

Google Cloud generated $58.7B in FY2025 revenue (+36% YoY), with growth accelerating every quarter from +28% in Q1 to +48% in Q4. The Q4 annualized run rate exceeded $70B. Operating margins expanded dramatically from 3% in FY2023 to ~24% full-year average in FY2025, with Q4 reaching 30.1% --...

What is YouTube's standalone operating margin? Alphabet does not break this out separately from Google Services

YouTube generated $62.3B in total revenue for FY2025 (ads + subscriptions combined), surpassing Disney ($60.9B) and Netflix ($45.2B) to become the world's largest media company by revenue. Advertising revenue was $40.4B (+12% YoY), while subscription revenue (Premium, Music, TV, NFL Sunday Ticket)...

What is Waymo's actual per-ride cost structure and when does unit economics turn positive at scale?

Alphabet's speculative optionality bucket — valued at $12.60/share (4.6% of equity, $153B weighted) — encompasses Waymo autonomous driving, the Gemini/TPU/DeepMind AI platform stack, and Other Bets (Verily, Wing, Calico, etc.). The PIE model uses a 5-scenario architecture: Mega-bull (2%, $6.9T...