Except how profitable is Google's cloud? It lost 480 million last quarter.

AWS made 5.2B last quarter.

Google is selling at cloud at a loss to gain market share while it's biggest competitor is raking in profit. Sure, you can burn money and gain market share. But would anyone pick Google for a long term partner on any product? I sure as hell wouldn't. They have a tendency to simply discard products left and right. The support is non existent. Why tie yourself to such an unreliable partner?

These are weak reasons. They may have been at 90% over the last few years but things are quickly changing.

The fasting growing cloud? 6% in five years after pouring in billions now they need to start charging what it costs. The more unprofitable of the cloud vendors.

Chrome is still the most popular free browser. Not sure that matters as much as it once did.

>the sky isn't falling on this company yet.

I think the change in sentiment is that the sky is no longer the limit for Alphabet. Meta lost that notion big time, and Amazon is so so too. Apple and Microsoft might still be in the "sky is the limit" category, or at least in another category than the other 3.

The statista statistics are almost immediately covered by a subscribe for access popup. Search seems to be doing as you say in general, but also is loosing share on desktop to bing, where edge would be the most relevant competing browser.

Unfortunately that's table stakes what matters today is AI unless Sundar can change the narrative.

Also it doesn't matter what any of us think, it matters what the market thinks as in where does the stock price go.