You can now think of Alphabet/Google as the Berkshire Hathaway of technology. While BH uses money from a cash cow business (insurance) to build a portfolio of

You can now think of Alphabet/Google as the Berkshire Hathaway of technology. While BH uses money from a cash cow business (insurance) to build a portfolio of companies that look like the established economy, and manage those companies in an exceptional way, improving individual returns while reducing overall unsystematic risk (effectively using good management to move beyond the Markowitz efficiency frontier), Google will use money from a cash cow business (Ads) to build a portfolio of companies the look like the new economy, using effective management in the same way.