Unfortunately the side bets are disproportionately visible relative to the vast majority of what they actually do, which is ship millions of lines of code in browser improvements every quarter, keeping pace with Google despite a fraction of Google's resources.

I certainly think a better strategic partner than Google would be ideal. Yahoo had a strategically promising moment that slipped through its fingers that I think will always be a what-if. Cloudflare is interesting because they're very much a create-a-blue-ocean kind of company, and the problem with browsers has always been that the browser space simply isn't a revenue driver, it's something you subsidize from other businesses.

Firefox is, remarkably, the most successful self funded browser engine in the history of the world, but many great companies have come and gone in this space (e.g. Opera) and still fell behind. They invest more in the browser now than they ever have, they have shipped more production Rust code than anybody. But that's not louder than the noise in the modern internet.

I think you're right that someone like Cloudflare would be an interesting partner and I can't think of a better one off the top of my head. And if AI is eclipsing search, that threatens search licensing they're currently relying on. I don't know what AI in the browser is, what new norms, what new expectations, what core concepts are going to matter the most. But something is going to change and you have to get out ahead of that now, to be relevant tomorrow.