While this is correct, I don't think that's how things will play out. Wall Street views Alphabet as a growth company, and X, Waymo etc. are perceived to be wher

While this is correct, I don't think that's how things will play out. Wall Street views Alphabet as a growth company, and X, Waymo etc. are perceived to be where the growth will come from. So I expect X to be largely untouched and the cuts to come from teams that are shipping products. (Which I think will put Alphabet on a path similar to IBM in the 90s and Microsoft in the 2000s, but that's another story.)