[sahadeva]

1. More people are getting on the internet all the time, especially new markets like India (who likely don't use ad blockers).

2. We're still early internet, and people rely on the internet more and more (and therefore search more). E.g. in Covid, people are likely transitioning more of their life online, which is good for Google.

3. As companies and the broader economy do better, companies will invest more in growing themselves, often by buying more ads. Companies are doing very well right now (see stock market), so there are more ads being bought AND the price per ad will likely go up because there is more competition.

4. There is still plenty of untapped ad real estate for Google to monetize as well (searches that could generate ad revenue, and web pages that can surface better ads).

This combination is great for Google.

[HWR_14]

I would say, with regard to (1), that the people getting on the internet now have to have far less disposable income (at least on average). I mean, sure it's 1/2 of humanity, but it's not 1/2 of the ad audience value.