I disagree with multiple things he said here under the natural monopoly paragraph in terms of cost and capex. Clearly that is a lower barrier today than it was

I disagree with multiple things he said here under the natural monopoly paragraph in terms of cost and capex. Clearly that is a lower barrier today than it was 20 years ago. Bing, Yandex, Duckduckgo* do as good of a job and in some cases much better as Google hamstrings their results. There are vertical markets where other search engines have been doing a better job for over a decade, such as Indeed. (In which case Google leveraging themselves in to those verticals and destroying those businesses for a few extra dollars in very egregious.) The bigger issue, I believe, is that Google, in its present form in 2020, is not a search engine. It is an ad delivery engine supplemented by organic results which they really do not want users clicking on. The bulk of the searches normal users perform are served ads and those users click on those ads. Really no analogy here close to something like power lines, a sewer system, or roads.