By "dead" the GP means "at the bottom of a race-to-the-bottom." People are paying $4 (to Google) per customer, to acquire customers with an LTV of $4, making th

By "dead" the GP means "at the bottom of a race-to-the-bottom." People are paying $4 (to Google) per customer, to acquire customers with an LTV of $4, making them $0 per customer. That's the natural conclusion to competition under perfect information.