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Everyone is obsessed with whether Gemini is “smarter” than GPT-4. They’re looking at the wrong screen. While the retail crowd argues about chatbots, I’m looking at a 21x multiple on a company that basically owns the world’s digital front door. In this deep dive, we strip away the AI hype and look at the cold, hard factors: why we are ignoring the “search is dead” narrative and increasing our allocation by 1.5%.
Stories are what CEOs tell you when they don’t want you to look at the cash flow statement. Today, the story is that Google is “the next Kodak” because of Generative AI. I’ve heard the propaganda. I’ve seen the “Google is over” tweets.
I’m not buying the story. I’m buying the data.
