For sure. But that by definition makes it speculative - hence my only real point. Speculative is a happy thing for traders. Its a dirty word to the buy and hold crowd, but that is what it is, like it or not. We don't know who the winners will be, or how they will make money.Interesting take.
Though the current profits aren't massive and of course no where close to break-even, you do have to look at the opportunity cost.
If Google doesn't improve Gemini and integrate AI into their search engine, they will be left behind as most AIs are basically super advanced search engines with reasoning.
The opportunity cost for Google and possibly Meta, is losing market share (billions) and being wiped out by OpenAI.
I am in no way anti AI. My biggest individual stocks are GOOG and AMZN, which happen to be the 3rd and 1st largest data center companies. But I am not a buy and hold investor.