The Intrinsic Value Podcast Sep 20, 2026 1h 21m 58m saved
With Kyle Grieve, co-host of The Intrinsic Value Podcast at The Investor's Podcast Network · Shawn O'Malley, co-host of the same show, who pitched Alphabet for its portfolio
Alphabet reported $112 billion of profit in the second quarter of 2026. Ninety-nine billion of it was a paper markup on private stakes in SpaceX and Anthropic, and none of that was cash.
An earnings number that size normally settles an argument about whether a company is earning its keep. On The Intrinsic Value Podcast it did the opposite: the two hosts spent an hour and twenty minutes working out what Alphabet's $200 billion of data center spending has to return before any of it counts.
"And that single gain added over $6 in EPS, but it's zero actual dollars coming into the business."
Kyle Grieve and Shawn O'Malley, who co-host The Intrinsic Value Podcast at The Investor's Podcast Network, run a public portfolio in which Alphabet is the second-largest position at roughly 14%. O'Malley pitched it 18 months ago at 17 times earnings; the stock has since roughly doubled and trades at 17 times earnings again, which is the puzzle the episode is built around.
The full episode is covered here so you can skip it. 81 minutes of audio, 23 minutes of reading.
Here are the 14 takeaways that matter.
Key Takeaways
$99B of Alphabet's $112B second-quarter profit was an unrealized markup on private holdings, worth over $6 a share and no cash
Google Cloud's backlog went from $106B to more than $500B in about 12 months — and a single five-year, $200B Anthropic contract implies one customer is roughly 40% of it
The buybacks went to zero in the first half of 2026, after running $45B–$60B a year from 2023 to 2025
Q2 2026 was Alphabet's first negative free cash flow quarter in a very long time
$200B of data center spending has to produce 40 cents of new annual revenue per dollar to clear its own costs plus a return
Alphabet raised $85B of equity, its first major raise since the IPO, and long-term debt is now $98B
A $20B February bond deal, upsized from $15B, drew more than $100B of orders
More than $800B of data center and chip commitments sit off the balance sheet for 2028 and beyond
Google's own chips come in about 40% below the Nvidia equivalent, which is where its profit edge over CoreWeave and Nebius comes from
Power is 6% of the annual cost and the entire constraint — Google runs at a 1.09 power usage effectiveness ratio against an industry average near 1.3
Fewer than a quarter of Google searches carry an ad at all, which is the headroom behind putting ads inside AI overviews
The stock has no variant perception left: analysts average a $430 target against a price near $340, and the hosts are doing nothing
1. The Thesis 18 Months On
Grieve opened by listing what has changed since O'Malley pitched Alphabet as the cheapest of the Magnificent 7, back when the market was pricing in the death of search. The stock roughly doubled, the death of search never arrived, and the company now plans to spend around $200 billion in a single year on data centers, has stopped buying back stock and has raised more than $100 billion of capital to pay for it.
The business improved and the balance sheet got harder to read at the same time
So, the business got better and the balance sheet got a lot stranger over time.
Kyle Grieve
Alphabet is the second-largest position in the show's intrinsic value portfolio at a weight of around 14%, and Grieve said he uses Gmail, Google search, Chrome, the web-based office applications and Google Home every day without owning a share personally. O'Malley's answer to that was about duration rather than price.
The case is that it is not going anywhere
But, the beautiful part of Google in my view is that it's not going anywhere.
Shawn O'Malley
Grieve, who says he is biased toward smaller companies because he is looking for multibaggers, named the thing that surprised him most on re-reading the business.
What changed is how Alphabet allocates capital, not what it sells
So, I'd say the thing that surprised me the most when digging into Alphabet was how their capital allocations changed over time.
Kyle Grieve
2. What The Original Pitch Was
O'Malley rebuilt the February pitch from the beginning: Alphabet as a collection of world-class businesses with billions of users each, in search, YouTube, Google Cloud and Android, every one of them with high standalone value.
YouTube cost $1.6B and now does around $36B a year
And so YouTube, for example, was purchased for $1.6 billion many, many years ago. And now it generates something like $36 billion in annual revenue.
Shawn O'Malley
Google Ventures manages over $10 billion across roughly 400 active portfolio companies, he said, which is where Google Glass came from and where Waymo still sits.
The market was pricing Alphabet as if search were the only segment
And at the time when I pitched Alphabet last February, the market was pricing Google as if search was the only business segment that mattered and search was in trouble because of the incoming threat of AI.
Shawn O'Malley
The stock was on about 17 times earnings when they bought it, against 30 times a year earlier. It is on about 17 times earnings again today after doubling, and the hosts' point is that the reason for the discount has changed: a year and a half ago it was competition, now it is the return on the AI spending. Margins have improved almost everywhere since, with one exception — free cash flow, because capital expenditure is subtracted from it.
The capital needed to stand still has gone up
And much more capital is being required for Alphabet to maintain its business than even was just the case 18 months ago.
Shawn O'Malley
3. The Chrome Case, Survived
Grieve walked through the regulatory position, which he said is harder to size than it looks because Google answers to regulators in every jurisdiction it reaches, not only the US. Accrued legal and regulatory fines and settlements ran to roughly $16 billion in the latest quarter.
The court refused to break off Chrome and restricted the contracts instead
The Justice Department actually sought to force Google to sell Chrome, but the court rejected that remedy and instead it placed restrictions on Google's distribution agreements.
Kyle Grieve
Structural breakups have been very rare in US antitrust enforcement over the past four decades, he said, and this followed the pattern. Google can still pay Apple to be the default search engine in Safari, but the agreements now run one year at a time, cannot tie default status across devices and access points, and have to let Apple promote competing search and AI products. Judge Amit Mehta's reasoning, as Grieve described it, was that forcing a Chrome divestiture would have damaged Apple and Mozilla, both of which depend on that revenue.
O'Malley's framing is that a spin-off would not destroy value outright, because shareholders would get a proportional stake in whatever came out. The real risk, he said, is that a separated business loses access to Alphabet's data and relationships. He then made the contrarian read on the litigation itself, crediting Peter Thiel's book Zero to One.
Constant antitrust litigation is evidence of dominance, not weakness
That is actually a sign of an incredibly dominant business, right? It's the insecure companies that are trying to brag about their competitive dominance.
Shawn O'Malley
Alphabet pays Apple something like $20 billion a year for the Safari default, and the show's portfolio added to its position when the price fell toward about $150, which is where the average cost basis sat.
The distribution question nobody has answered
How do you beat the fact that Google search is baked into every iPhone that people buy?
Kyle Grieve
4. Ads Inside AI Overviews
The hosts drew a line between searches that carry commercial intent and those that do not. A query about restaurants or sneakers has an advertiser behind it; a technical conversation with a chatbot while researching an episode does not, and cannot be targeted at the same scale.
Google has solved monetizing AI answers in a way the chatbots have not
First, I think Google has probably done the best job of meshing the monetization of search with AI.
Kyle Grieve
Ads now run above an AI overview, below it and inside it, and AI mode gives an advertiser a placement at the point where a user is deepening a question. Alphabet can roll that out to more than a billion monthly active users at once, which is the distribution advantage no competitor has.
Fewer than a quarter of searches carry an ad at all
And one of the most surprising things I learned from you about Alphabet is that the majority of searches basically carry no ads at all. So you mentioned that only about 20% of searches have ads according to data from Google in 2020.
Kyle Grieve
Google's vice president of search confirmed more recently on a podcast that the figure is still under 25%, which the hosts read as headroom rather than restraint.
Pichai's counter to the case that AI answers strand publishers
And actually on the latest earnings call, Alphabet CEO Sundar Pichai really focused on just how successful this has been. He noted that Google is actually sending billions of clicks to websites each week from the AI features embedded in search.
Shawn O'Malley
On the cost side, O'Malley said Alphabet has cut the cost of generating an AI mode response to its lowest level since launch. The search and other revenue segment has compounded at 14% a year over the last two years, which is the number that settles the original bear case.
5. Apple Pays For Gemini
One development neither host had priced in is that Apple decided to buy rather than build in AI.
Apple pays about $1B a year to run Siri on Gemini
But for context, in January, Apple announced that it would pay Google something about $1 billion per year for access to the technology that underlies Gemini to use that to power Siri for the next few years.
Shawn O'Malley
The cash is immaterial to Alphabet, O'Malley said, and that is the point: what it reveals is Apple taking a passive role in the model race, leaning further on Google Cloud, and the two companies becoming more entangled rather than less.
6. Cloud, And Its One Customer
Google Cloud lost money for nearly its entire existence and has now inflected into positive operating income while still growing fast.
$58B of cloud revenue last year at a 24% operating margin
We're talking about $58 billion in cloud revenue last year at a 24% operating profit margin.
The Intrinsic Value Podcast
Cloud grew 63% and then 82% year over year in the first two quarters of 2026, the run rate on the second quarter annualizes into the hundred-billion-dollar range, and margins last quarter were nearly 36% — level with Amazon's 2025 cloud profitability, which the hosts had been using as the ceiling. Revenue has compounded at about 40% a year over the decade.
The forward evidence is the backlog, the contracted work not yet delivered. It stood at $106 billion in the second quarter of last year and is now over $500 billion, which is roughly fivefold in twelve months. Grieve, who says he is generally wary of reading too much into backlogs because of revenue recognition, accepts this one because cloud revenue is exploding at the same time. Alphabet expects about 50% cloud revenue growth over the next two years.
Then he named the problem inside it.
One customer looks like about 40% of the backlog
It's likely very concentrated given that they just announced a 5-year 200 billion deal with Anthropic to use Google Cloud. So, that implies that Anthropic makes up somewhere around 40% of that backlog.
Kyle Grieve
What he would rather own
So if I had to choose between a backlog with a diverse customer base where no one customer is making up more than 10% let's say of the total backlog, I'd take that any day over a backlog that only has a few key customers where let's say one customer is making up 50% of that backlog.
Kyle Grieve
Anthropic is heading for an IPO and will raise fresh capital, so neither host expects it to fail. The objection is narrower: the largest customer in the backlog is a company burning billions in cash. The same circularity applies to the money — Alphabet committed up to about $40 billion into Anthropic as part of the arrangement, so Google invests in the customer, the customer buys Google compute, and Google books the backlog.
7. YouTube And Subscriptions
The subscriptions business is the part of Alphabet the hosts think gets the least attention. Google One sells storage once Drive and Gmail fill up, and the alternative, deleting things, takes time. YouTube Premium sells the removal of ads plus offline downloads and background playback. The prices are low enough that switching costs barely register, and the segment still produced over $25 billion of revenue in the first half of 2026.
YouTube's economics are the opposite of a studio's. Netflix and Disney+ finance, produce or license their content; YouTube pays creators roughly a 55% share of advertising revenue and lets them do the rest.
On a Netflix multiple, YouTube alone is worth several hundred billion
And if you look at YouTube versus public market comps like Netflix, which trade at somewhere around seven times sales, that makes YouTube worth something like $300 billion. And honestly, probably a lot more, maybe as much as 500 billion. So when you put that all into context, that's not too bad for an initial $1.7 billion investment.
The Intrinsic Value Podcast
A new feature, Ask YouTube, uses Gemini to answer questions about an individual video and find the relevant moments inside it. Pichai said more than 140 million people used it in June alone. It earns nothing directly, and the argument for it is time on platform and therefore more advertising.
8. Waymo And The SpaceX Stake
Waymo raised at about a $50 billion valuation at the time of the original pitch, down from an earlier $200 billion estimate. Its February funding round valued it at nearly $130 billion, so the piece of Alphabet that was close to a rounding error has roughly tripled in eighteen months.
The operating numbers the hosts gave: 127 million fully autonomous miles driven, 90% fewer serious injury crashes than human drivers over the same mileage, 15 million rides in 2025 against five million the year before, about 500,000 rides a week now and a target of a million by year end.
The disagreement is on the valuation rather than the technology. One host, who owns Uber, called it obscene for Waymo to carry the same valuation as a company doing tens of millions of rides a day and generating billions in profit, while Waymo is still burning cash with an unproven model. As an Alphabet holder, the same person treats any monetization of the stake as upside rather than something to underwrite.
Alphabet's other big private bet has already printed. It put about $900 million into SpaceX in 2015; the 5% stake is now worth $95 billion after the company's IPO, which gives the market's own read on one of the Other Bets and, by extension, a reference point for the rest.
9. 50 Football Fields
Asked to estimate the return on the data center spending, Grieve began by describing the physical thing being bought.
The building is the size of 50 football fields
Imagine a windowless box the size of about 50 American football fields.
Kyle Grieve
That one is the third largest data center in the world, owned by Google, in Council Bluffs, Iowa. Size is not the constraint that matters, though. Grieve's framing is that back in 2024 the power draw of Google's data centers nearly equaled that of Ireland, and the estate is much larger now — which makes the business less like a technology company and more like a utility.
O'Malley's objection is that the capital efficiency is going the wrong way.
Return on invested capital is heading down
So, if I'm looking at Alphabet's return on invested capital, that number is kind of trending in the wrong direction.
Shawn O'Malley
It is the second lowest reading since Alphabet went public, while operating margin has actually gone up — the denominator is what moved. Capital expenditure this year is estimated at six times the 2023 figure. O'Malley's broader point is that a company built on software is becoming anchored in chips, electricity and construction, and that software drove two decades of market returns.
Then the accounting. Alphabet carries about $122 billion of assets not yet in service, which are not yet being depreciated and therefore flatter cloud margins today.
Those assets join the depreciation schedule eventually
You can make the argument that these assets will be in service at some point and then at that point once they're in service, they'll be added to the depreciation schedule and perhaps that means that Google Cloud's margins at the current levels are not really sustainable over the long term.
Shawn O'Malley
The useful-life assumption is the whole argument
So whether you have to replace the servers in your data center every 3 or 6 years is a very consequential accounting decision to make.
Shawn O'Malley
Burry's number on the industry
So, we talked about this in one of our YouTube live streams the other day and Michael Burry has stated that hyperscalers are collectively understating depreciation by as much as $175 billion over the next few years.
Shawn O'Malley
Neither host claimed to know the right schedule. O'Malley's conclusion was that this is where a shareholder is trusting management, and that smart people are questioning the assumptions.
Grieve added the composition of the spending, from the company's own guidance.
60% servers, 40% buildings and networking
But just as maybe some more context on the composition of this AI spending, Alphabet's CFO Anat Ashkenazi has said the mix of the AI infrastructure investments that they're undertaking is approximately 60% in servers and then about 40% into the data centers and networking equipment.
Kyle Grieve
10. Power Is The Bottleneck
O'Malley introduced power usage effectiveness, the ratio of a facility's total energy draw to the energy used by the computing equipment inside it.
Google runs at 1.09 against an industry average near 1.3
So, in Google's case, it has a 1.09 PUE. And this is supposedly much lower than the industry average of around 1.3, meaning that Google is just basically running much more efficiently than the average data center is.
Shawn O'Malley
The gain shows up as cost savings, more computing capacity per megawatt and a smaller carbon footprint.
A megawatt runs about 600 homes
And for anyone wondering what a megawatt is, it's enough electricity to power about 600 homes or so.
Shawn O'Malley
Power is a small cost and the binding limit
And the interesting thing is that even though power makes up only about 6% of the annual cost of this AI capacity, it is the largest bottleneck to scaling up.
Shawn O'Malley
Alphabet is constrained on power, land and supply chain, he said, and none of the rest matters if the electricity is not there. That is the reason the hosts think SpaceX and Tesla investors are interested in data centers in orbit, where the power is solar and the cooling problem changes shape.
11. Why Google's Chips Win
The two cleanest public comparisons are CoreWeave and Nebius, because they are pure plays rather than divisions inside Oracle, Amazon or Microsoft. Both are still unprofitable. Asked why Alphabet earns a margin where they do not, Grieve gave vertical integration as the first answer.
Google's own chips undercut Nvidia by about 40%
So Google's tensor processing units come in at about a 40% discount to the Nvidia equivalent.
Kyle Grieve
Google is on its seventh generation of tensor processing units, which began as an internal cost saving and are now sold outright to selected outside companies, which also diversifies the backlog.
The cost everyone else pays
Now keep in mind Nvidia is a very very good company. It has 65% operating margins as well as pricing power.
Kyle Grieve
The second advantage is utilization. CoreWeave rents by the hour and depends on customers turning up; Alphabet can point spare capacity at search, YouTube or Gemini whenever outside demand falls short, so almost nothing sits idle.
12. What $200B Must Earn
O'Malley reduced the whole question to a property calculation.
Treat the spending like buying an apartment block
So, let's think of the $200 billion investment like buying a giant apartment building.
Shawn O'Malley
Owning a year of data centers costs about $30B a year to run
Now, for Alphabet, owning one year's worth of data centers runs about $30 billion in expenses once it's all switched on.
Shawn O'Malley
About $25 billion of that is chips wearing out; the rest is power and upkeep. Working back from a reasonable profit, one year of spending has to generate somewhere between $70 billion and $100 billion of brand-new sales every year.
The bar, in one number
If you simplify that, the rule is about 40 cents of new annual revenue for every dollar spent.
Shawn O'Malley
Whether 40 cents is a high bar or a low one he could not settle, because the only comparable market quotes prices per megawatt, and a figure like $20 million per megawatt means one thing as an annual payment and something four or five times smaller as the value of a four- or five-year contract. He found both readings in different sources and would not put conviction into either.
What the pricing does say is that supply is short. Nebius has roughly doubled its prices in six months; CoreWeave raised prices about 25% in July alone and says its near-term capacity is effectively sold out, which has pulled its payback period under two years. Nebius says it could sell its entire 2027 capacity today.
The caveat is durability. Compute may end up a commodity, the hosts said, and today's scarcity pricing cannot be drawn in a straight line while the industry is spending to add supply.
The question the whole episode returns to
And that is how much does that $200 billion need to earn for those investments to have made any sense in hindsight?
Kyle Grieve
13. Buybacks To Zero
Alphabet compounded per-share value for years partly by shrinking the share count. That has stopped.
From $45B–$60B a year of buybacks to nothing
And part of this was completed through buybacks, which ran between say 45 billion to about $60 billion between the years of 2023 until 2025. But as of the first half of 2026, they're literally zero.
Kyle Grieve
And the first negative free cash flow quarter in a long time
And in Q2 of 2026, they actually had their first negative free cash flow quarter in a very, very long time.
Kyle Grieve
Share count is 12.3 billion as of the second quarter of 2026, the highest since 2024. Alphabet raised $85 billion of equity this year, its first major equity raise since the IPO, with Berkshire Hathaway putting $10 billion in directly. The hosts' point is that a company of this maturity should not need to sell stock, because equity is an expensive way to fund anything, and that whether it is dilutive depends entirely on what the money buys.
Long-term debt is now $98B
So as of Q2 2026, long-term debt is now $98 billion or about nine times since the fiscal 2024 year ended.
Shawn O'Malley
The bond market's appetite for it
So in February they issued about 20 billion of US dollar denominated bonds ranging from three to four years. And this was upsized from 15 billion. And I read the offer drew more than 100 billion in orders.
Shawn O'Malley
Alphabet has also raised over $50 billion in sterling, Swiss francs, euros, Canadian dollars, yen and Australian dollars.
The cash pile, and how fast it goes
So they currently have $242 billion in cash and cash equivalent.
Shawn O'Malley
At the current rate of spending that will deplete quickly, and management has said it is not slowing down. O'Malley then raised the commitments that are not in any of those figures — contracts to build or lease data centers and buy chips, dated 2028, 2029, 2030 and beyond, which a Wall Street Journal piece put at more than $800 billion for Alphabet alone.
Nearly a trillion dollars of it is off the balance sheet
Literally almost a trillion dollars in liabilities that are not at present reflected on the balance sheet that weren't even conceivable a few years ago, right?
Shawn O'Malley
The bull reading of the same facts, which O'Malley gave straight after, is that the spending resets Alphabet's corporate life cycle: a company that looked like a maturing conglomerate now looks younger, with growth ahead of it rather than behind.
14. Where They Land
Grieve's first risk is the income statement.
The headline profit is mostly a markup
So, Alphabet reported 112 billion in profits in its second quarter. But when you dig in, 99 billion of that was a non-cash gain from marking up its equity stake in private companies like SpaceX and Anthropic.
Kyle Grieve
Worth over $6 a share and no cash
And that single gain added over $6 in EPS, but it's zero actual dollars coming into the business.
Kyle Grieve
With Anthropic planning an IPO, he expects more of these gains to keep arriving.
What to read instead
So, I think the flag here is simple. Don't get too excited by the headline numbers. Focus on operating income or cash flows when you're evaluating Alphabet.
Kyle Grieve
O'Malley's second risk is arithmetic rather than judgment. Operating margin is in the low 30s now, and every dollar of today's spending becomes depreciation later.
Margins compress even if revenue never moves
So even if their revenue just stays flat, even if they don't grow at all, margins automatically will compress from that added depreciation expense.
Shawn O'Malley
The third risk is about the stock, not the company.
There is no disagreement left to exploit
Analysts currently love the stock and are issuing strong buy recommendations with an average target price of around $430 versus a current price of about $340.
Shawn O'Malley
That is the inverse of the setup O'Malley bought into, when the position was added while Alphabet was out of favor.
The verdict on the same 17 times earnings
Well, in short, I think we'd both say that we see this as an exceptional business, but one that is much closer to being fairly valued today than it probably was a year ago.
Shawn O'Malley
The difference, he said, is that he could argue against the market on whether ChatGPT would disrupt search; he has no strong view either way on whether the data center spending beats expectations. The conclusion is to hold: selling would be the strictly rational move after nearly a double, trimming would be market timing, and doing nothing is what they chose.
Bonus Insights
Buffett's 2012 line about IBM, Google and Apple
Grieve closed with a Warren Buffett quotation from 2012, on why he owned IBM and not the other two.
the chances of being way wrong in IBM are probably less at least for us than being way wrong with Google or Apple
Kyle Grieve
Buffett was right that the other two did better, Grieve said, and the reason he did not own them was that he did not understand them well enough at the time. He owns both now, and Grieve's reading is that either Buffett got comfortable or the businesses had de-risked enough that the downside was covered. Berkshire's Alphabet purchase was the thing that struck Grieve most, given Buffett's preference for businesses that do not need much capital, and given that Buffett first encountered Google about 20 years ago while buying search ads for Geico.
The scale of the dependency, measured by an outage
For 5 minutes, Google was unusable. As a result, global internet usage fell by 40%.
Kyle Grieve
Android has over three billion monthly users and roughly 70% of the global mobile operating system market. Grieve made the same point about himself: researching the episode moved him between Google Docs, Sheets, Drive and search, in Chrome, watching YouTube.
The host who does not own it
Grieve does not hold Alphabet in his personal account despite it being the second-largest position in the show's portfolio, and opened the episode saying he wanted to understand how big a mistake that is. He did not resolve it on air.
Where the accounting complexity is worst
O'Malley called depreciation the biggest black box at Alphabet, and was explicit that nothing about the company's treatment looked improper to him — the point is that the assumption is consequential and unverifiable from outside.
The hosts' bottom line is that Alphabet is the same exceptional business at the same multiple and a different investment: the argument has moved from whether search survives AI to whether $200 billion a year of physical infrastructure earns 40 cents on the dollar, and neither of them claims to know the answer.
Products, Companies & Tools Mentioned
Alphabet and Google (The subject. Second-largest position in the show's portfolio at roughly 14%, on about 17 times earnings after doubling, now spending around $200B a year on data centers)
Google Cloud ($58B of revenue at a 24% operating margin last year, 82% growth in Q2, margins near 36%, and a backlog above $500B against $106B a year earlier)
Anthropic (A five-year, $200B cloud contract that the hosts estimate is about 40% of that backlog; Alphabet also committed up to $40B into the company itself)
YouTube (Bought for $1.6B, now around $36B of annual revenue; on Netflix's multiple of sales the hosts put it at $300B–$500B)
Nvidia (65% operating margins and pricing power, which Google avoids by designing its own tensor processing units at about a 40% discount)
CoreWeave and Nebius (The two pure-play comparisons, both still unprofitable; CoreWeave raised prices 25% in July and Nebius has roughly doubled prices in six months)
Apple (Pays Alphabet about $20B a year for the Safari default, and since January pays Google about $1B a year to run Siri on Gemini)
Waymo (Valued near $130B in February against about $50B eighteen months ago; 127 million autonomous miles and about 500,000 rides a week)
SpaceX (A $900M investment in 2015; the 5% stake is worth $95B after the IPO, and the markup on it is part of the quarter's paper profit)
Berkshire Hathaway (Put $10B into Alphabet's $85B equity raise, which surprised Grieve given Buffett's preference for capital-light businesses)
Google Ventures (Over $10B under management across roughly 400 active portfolio companies)
Netflix (The comparison used to value YouTube, at roughly seven times sales, and the contrast in content economics)
Uber (The counterweight to Waymo in the hosts' argument: tens of millions of rides a day and billions in profit at a similar valuation)
Mozilla (Named in the court's reasoning as a party that would have been damaged by a forced Chrome divestiture, because it depends on Google revenue)
Books & Resources Mentioned
Zero to One – Peter Thiel (The source of O'Malley's argument that time spent defending antitrust cases is evidence of a dominant business)
The Intrinsic Value portfolio (The show's public holdings, which the hosts point listeners to in the notes; Alphabet is the second-largest position)
The Wall Street Journal's reporting on big tech's hidden liabilities (The source for more than $800B of Alphabet data center and chip commitments dated 2028 and beyond that do not appear on the balance sheet)
A Bank of America chart on hyperscaler cash flows (Circulated widely; shows hyperscaler free cash flow turning negative while the semiconductor suppliers' cash flows rise)
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