Most of the value of Google is the services it provides (search and ads, and indeed cloud, which is a separate product and not just "Google's internal fabric ex

Most of the value of Google is the services it provides (search and ads, and indeed cloud, which is a separate product and not just "Google's internal fabric exposed") on its internal fabric. Splitting out "Google Services" from ads or search creates a company with one customer (or two, if we've split out ads and search) that is basically in no market position to get more customers because Google's internal fabric is not a "cloud offering" (source: I was listening in when the company decided to offer Google Cloud and not make that "just the bare metal we run everything on;" Google's internal bare metal is too developer-hostile to the common way things are done outside Google to be a viable product). Meanwhile, search and ads would be in a place where there was only one "cloud" company in the world they could run their product on. For all its money, I don't believe Google could afford to re-tool their products to work on someone else's cloud, so once the "Services" company foundered for being unable to compete / having a monoculture of customers, the ads and search companies would die for lack of vendor offering the one bespoke cloud model they can run on.