Same fundamental risk profile as GOOGL - a leading AGI developer whose cash-cow search business is paradoxically most threatened by the very technology it pioneers; Class C shares add governance risk with no voting rights during this critical transition.
Alphabet is the parent company of Google and several other subsidiaries. Google dominates internet search, online advertising, mobile operating systems (Android), web browsers (Chrome), and cloud computing. Alphabet also operates YouTube, Waymo (autonomous vehicles), Verily (life sciences), DeepMind (AI research), and other 'Other Bets' ventures. The vast majority of revenue comes from digital advertising across Google Search, YouTube, and the Google Display Network. GOOG shares are Class C with no voting rights, versus GOOGL Class A shares which carry one vote per share.
Alphabet's advertising revenue comes from millions of businesses of all sizes worldwide that purchase ads through Google Ads. Google Cloud serves enterprises, startups, and government agencies. Android and consumer products serve billions of individual users. YouTube serves both content creators and advertisers. Google Workspace competes for enterprise productivity against Microsoft 365.
Identical business to GOOGL. Alphabet's core Search advertising business (57%+ of revenue) is directly threatened by AGI assistants that answer questions without requiring web search. If users interact with AI agents instead of Google Search, the keyword advertising model breaks down. AI Overviews already cannibalize traditional search click-through rates. YouTube's ad model faces risk from AI-generated personalized content. However, Google Cloud benefits enormously from AI compute demand, and Google/DeepMind are leading AGI developers. Google's ad customers span all industries but skew heavily toward digital businesses, many of which are themselves AGI-vulnerable. If AGI agents handle commerce directly, search advertising loses relevance.