[crowcroft]

Almost definitely the case that people are disappointed in the ad revenue.

GCP is growing to be a meaningful part of Google's revenue, but the actual profit at Google is almost entirely ad revenue. If that is a miss, and on the horizon we see AI disrupting search and increased competition in digital video advertising then what does that mean for the future of Google?

I think that's probably being a bit pessimistic, but that's probably the argument.