Maybe it’s changed now, but last time I looked, Google had failed to materially diversify its income, so it is susceptible to competition. All that expensive in

Maybe it’s changed now, but last time I looked, Google had failed to materially diversify its income, so it is susceptible to competition. All that expensive infrastructure is going to be a weight around Google’s neck if their search revenues start falling. Of course, even if search revenue falls, it won’t happen overnight. But I honestly don’t see how laying all that fibre or owning those data centres is a moat around Google. These things are hugely capital intensive, to be sure, but theres a big market for both.