GOOGLAlphabet Inc.

Alphabet is an advertising company with a large cloud arm: search and YouTube earn the money, cloud and long-horizon bets spend it.

The overwhelming share of revenue is advertising: search results, YouTube and the partner network. That business works as an auction for attention and is therefore sensitive to the economy — advertising budgets are cut first. Android and Play provide a separate pillar, giving distribution and a commission, alongside default-search agreements on third-party devices.

The second line is Google Cloud, the third-largest cloud operator after Amazon and Microsoft. It ran at a loss for years and turned profitable only recently; for investors that is evidence of a growth source outside advertising. Adjacent to it sit the company's own Gemini models and its TPU silicon, on which Alphabet trains them without buying third-party accelerators.

The dominant risk is regulatory: US antitrust cases over search and over advertising technology can reach the structure of the business itself, including the default-placement payments. The second question is whether conversational assistants erode the habit of typing a question into a search box — the very auction the revenue rests on. Separate bets such as Waymo are reported apart and still consume cash.