Only if you consider CAC on a per-query basis, against top-line revenue, in perpetuity. There's a word for this and it's not CAC, it's tax. And that's what th

Only if you consider CAC on a per-query basis, against top-line revenue, in perpetuity. There's a word for this and it's not CAC, it's tax. And that's what this is, it's a tax on advertisers due to Google's monopoly power. How do we know they have monopoly power? because they can afford to give 36% of top-line revenue in perpetuity to another party and still make money. This implies >80% gross margins, which let's face it, scream monopoly power.