A quick glance at sell-side commentary tells a one-sided bearish story.

• Bearish sellside commentary: One analyst mentions potential Ad headwinds (approximately 78% of GOOGL’s Total Revenue is generated from Ads versus approximately 98% for META). “Google is investing to stay in place” says another. (What? Google’s product portfolio is not static by a longshot.) “META is a better risk reward” says yet another. This META comment ignores the fact that GOOGL shares are less expensive than META, GOOGL has less Ad exposure than does META, and GOOGL has more room to cut OpEx than does META, which has already shot its payload on the OpEx side.
• YouTube Premium Price Increase: Not one mention of the fact that Google will enjoy Revenue lift this quarter from YouTube Premium price increases which went into effect in April (these Revenues are embedded within the “Google other” Revenue line which represents approximately 10% of total Revenue).
• Live Sports: Not one mention of NFL Sunday Ticket exclusively on YouTube as a Revenue driver for YouTube this summer.
• Games: Not one mention of YouTube Playables as a potential growth driver.
• AI & The Cloud: Not one mention of Google Cloud Platform which we believe will grow approximately 25% in the June Q.

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