Google – Full-stack player: Gemini models, Google DeepMind research, and custom TPUs.
Why it matters
Google combines models, TPUs, data, distribution, cloud, Android, YouTube, and Search. The risk is not asset quality; the risk is execution and cannibalization.
The read
Levered to Whether it converts model capability into monetization across Search and Cloud faster than AI answers cannibalize the search ad unit.
Bull case: It owns the models, the chips to train them, the data, and the distribution to ship them, which is option value few rivals can match if execution holds.