As in my reply further below, Q1 2026 you can see Google makes 70% of revenue from Ads, the non-ad money you refer to is only 1/3. But if you look at net income, 85% of the net income from Google comes from Services (including Ads).
The Airlines story is taken out of context and different from Google, Delta for example in the Q1 2026 filing you can see they have a revenue of $15.8bn, of which ticket sales is $10.7bn ! Loyalty program income is just $1bn. However the net income supports the story The Atlantic ran, which just means that out of the $1bn, they are getting more net income from their mileage programs, than income from out of $10.7bn ticket sales, because the operating expense of flying airplane is quite high from fuel, etc.
So on one side, Google has 70% revenue from Ads, and even more % if you count net income. On the other side, Airlines - like Delta - have 70% of their revenue from passenger, but relatively speaking less net income from ticket sales if you consider net income.
You are not comparing the same thing. If you just compare revenue, Airlines cannot be called Banks because they still make 70% of their revenue from passenger ticket sales, just as how Google is an Ad company because their main revenue is 70% ads!
If you compare net income, the airlines story can have an angle, but the Google story doesn't, because their net income from Ads is way higher!
FYI last fiscal results from Q1 of Alphabet, Google Cloud made $20bn revenue Q1 2026, up from Q4 2025 of $17bn. It's a bit misleading to include "subscriptions, platforms, and devices" in cloud.
Q1 2026 Google's revenue totalled $109bn, of which $77bn is Ads, so 70% of its revenue is Ads. It's common knowledge that Google is an Ads company.
I think Naval is right when he was making the observation that history has alternated by being determined by either individuals (think Genghis Khan, Napoleon) or larger forces at play (think socio-economic reasoning to many historical events). In this, I would say Trump is Trump (the individual) making his moves that very much go against the larger forces at play that was "business as usual". So equating him to a symptom of America is true in the sense that sooner or later America was bound to have someone like him deviate the course of history, and I also believe post-Trump America is not going to reverse course.
As in my reply further below, Q1 2026 you can see Google makes 70% of revenue from Ads, the non-ad money you refer to is only 1/3. But if you look at net income, 85% of the net income from Google comes from Services (including Ads).
The Airlines story is taken out of context and different from Google, Delta for example in the Q1 2026 filing you can see they have a revenue of $15.8bn, of which ticket sales is $10.7bn ! Loyalty program income is just $1bn. However the net income supports the story The Atlantic ran, which just means that out of the $1bn, they are getting more net income from their mileage programs, than income from out of $10.7bn ticket sales, because the operating expense of flying airplane is quite high from fuel, etc.
So on one side, Google has 70% revenue from Ads, and even more % if you count net income. On the other side, Airlines - like Delta - have 70% of their revenue from passenger, but relatively speaking less net income from ticket sales if you consider net income.
You are not comparing the same thing. If you just compare revenue, Airlines cannot be called Banks because they still make 70% of their revenue from passenger ticket sales, just as how Google is an Ad company because their main revenue is 70% ads!
If you compare net income, the airlines story can have an angle, but the Google story doesn't, because their net income from Ads is way higher!