00:00 Speaker A
And as you mentioned, Gemini has been gaining momentum recently in terms of more people using it. This is some diversification of AI trading, right? We’ve seen Alphabet stocks steadily rise in recent weeks. How do you currently think about the arms race within AI and who is likely to win, and also whether we should think about it from an investment perspective?
00:31 Speaker B
Yeah, no, certainly, if you just think about the history of the consumer internet, flywheels, network effects, whatever words you want to use, you usually end up with a winner-takes-most or winner-takes-all type of scenario. So, you know, Google has been our favorite idea since 2025. And I think we’ve been happy and lucky to see all of us here together in this way recently, sandwiching the release of Gemini 3, creating new features, and then obviously the launch of AI Overview, AI Mode, and the Gemini app itself. So, with Google having that kind of distribution, we continue to like that they could potentially be in a winner-takes-most rather than a winner-takes-all type of scenario, um, and that’s where we sit today. And obviously, there’s been a lot of news on this in the last few weeks alone, and it might be a kind of course correction if you say that open AI might be pursuing it, but it’s hard to know completely what’s going on there. Um, but certainly, from a consumer perspective, we continue to feel that Google is in a very, very good position.
02:08 Speaker A
Well, I mean, if Google won first, that means Google won search, right? You could definitely say that it’s the winner that takes the lion’s share of search. So at the same time, from a regulatory perspective, it had some challenges. But what lessons do you think Google and Alphabet can apply from that to this fight in terms of driving adoption?
02:51 Speaker B
Yes, regulation is difficult. I think at this very early stage when it comes to implementing these chatbot tools, we need to strive to create the best product possible and the best situation for our users. Oh, and let the chips fall where they may. Well, I think the vice president at Google just reported yesterday, when it comes to search, we want to create a scenario. We want to create an experience where users don’t have to search for different things in different places. We love expressions like that. We think this is very compelling given the user experience where people were still using Google for facts and chat GPT for other kinds of things. So I think they focus on making the best product. Is there a possibility that there will be regulatory pressure in the future? Absolutely. Um, similar to what I was talking about earlier with the search, I think at this stage in the game, it’s so premature that it’s hard to speculate or or discount it.
