The Web Is Changing: Is Google Changing Fast Enough?

Google Search grows 12% YoY, resilient despite AI-driven zero-click searches rising to 69% and a 22% drop in news site traffic. So, why does GOOGL trade at a discount? I think it's because the company is stuck in "defense" mode. The market wants to see less dependency on Search. Google Cloud (31% YoY growth) and Subscriptions (20% YoY growth) are promising but would need 6.9 years to match Search in size. YouTube grows at the same rates of Search.