🐂 GOOGL — Company Profile (Teaching)¶
Teaching site, not investment advice. Specific market cap / stock price / financial figures change frequently and are intentionally omitted; use the SEC + Yahoo Finance links below to pull real-time data yourself.
📌 Basics¶
| Dimension | Content | Source |
|---|---|---|
| Core business | Google Search + YouTube + GCP cloud + Android + Pixel + Gemini AI + Waymo (Alphabet holding) | 10-K FY25 |
| Founded / HQ | 1998 (Google) / 2015 (Alphabet restructure) / Mountain View, California, USA | wiki |
| CEO | Sundar Pichai (Google CEO 2015, Alphabet CEO 2019) | DEF 14A |
| Primary listing | NASDAQ: GOOGL (Class A, voting) + GOOG (Class C, non-voting); Class B held by founders, unlisted | — |
| Fiscal year | Calendar year (Jan 1 – Dec 31) | SEC EDGAR |
💡 Real-time market cap / share price / Search revenue / GCP growth: see SEC primary + IR links below.
🏭 Supply Chain Coordinates (Part 1-C6 framework)¶
Upstream (Who GOOGL Depends On)¶
| Supplier | What flows | Key dependency |
|---|---|---|
TSM |
TPU + Tensor (Pixel SoC) + GCP server CPU foundry | Only option |
NVDA |
GCP offers NVDA GPU-as-a-service (although GOOGL primarily promotes TPU) | Indispensable — customers demand it |
AVGO |
TPU ASIC co-design + serializer (core IP partner) | Critical lock-in, drives AVGO AI revenue |
SKH / MU |
HBM3E (TPU memory) | Lock-in after qualification |
| Power / DC build | Multiple OEMs (DELL etc.) + self-build |
Diversified |
Downstream (Who Depends on GOOGL)¶
| Customer | Relationship | Concentration |
|---|---|---|
| Global advertisers (Search + YouTube ads) | Highly diversified | Not concentrated; single customer < 1% |
| GCP enterprise users | #3 public cloud | Not concentrated |
ANTH |
Anthropic multi-cloud (AWS remains primary training + cloud / Project Rainier; Google TPU + Broadcom new mega-deal, $40B 2026/04/24) | Strategic mega-deal |
OPENAI |
TPU cross-cloud customer — multiple reports in 2025/2026 of OAI using TPU (specific SOW undisclosed) | New |
Competitors¶
- Search:
MSFTBing (core battlefield; closing in with AI assist) / Perplexity / ChatGPT search - AI models:
OPENAIGPT /ANTHClaude /METALlama /XAIGrok /DEEPSEEK - Cloud:
AMZNAWS /MSFTAzure /ORCLOCI - Video: TikTok / ByteDance (private company, no public ticker) /
METAReels /NFLX(different subscription model) - Phone OS:
AAPLiOS
💼 Business Model + Value Capture (Part 1-C7 view)¶
- Revenue mix: Google Services (Search + YouTube + Android + Play) ~85% / Google Cloud ~13% / Other Bets (Waymo / Verily, etc.) + hedging ~2%
- Gross margin: 55%+ overall (Services high, Cloud lower, Other Bets loss-making)
- Pricing power: Search ad auction is the standard, YouTube ads dominant, Cloud caught in price war with AWS / Azure — strong (services) / medium (cloud)
- Substitution difficulty: extremely high (Search) / medium (Cloud) — 25 years of default-search habit + iOS default search engine ($20B+/yr paid to Apple, contested in antitrust case)
(For specific quarterly revenue / Cloud growth / capex data, see the latest SEC 10-Q.)
🏰 Moat Assessment (Part 3-C2 Buffett 5-step lens)¶
| Type | Strength (0-1) | Source |
|---|---|---|
| Brand | 1.0 | "Google" = global synonym for "search"; verb-ified |
| Switching cost | 0.7 | Gmail / Photos / Drive / Workspace personal data lock-in |
| Network effects | 0.9 | Search quality → users → advertisers → spend → quality; YouTube creator + viewer two-sided |
| Scale + cost | 0.9 | Global data + global fiber + 7 generations of in-house TPU |
Composite: 3.5 / 4 → strong moat, but AI search disruption is the core reverse risk
⚠️ Key Reverse-Trigger Conditions (Part 3-C5 anti-thesis view)¶
- Trigger 1 (event): Antitrust case forces Search-iOS default agreement breakup / Chrome divestiture (DOJ vs. Google in progress)
- Trigger 2 (quarterly): Search ad revenue YoY growth persistently < 5% — disruption signal
- Trigger 3 (annual): ChatGPT + Perplexity + Claude combined search query share > 20%
- Trigger 4 (quarterly): GCP growth < 25% YoY — too far behind Azure, signal of cloud-transition failure
- Trigger 5 (low probability): Anthropic multi-cloud rebalance — currently AWS remains primary (Trainium / Project Rainier), Google TPU + Broadcom is incremental capacity (2026/04 $40B). If Anthropic further shifts training to TPU, material upside for GOOGL
🔗 Teaching Cross-References¶
- Part 1-C2 · AI industry map — GOOGL spans model / infra / app layers
- Part 1-C3 · Why NVDA isn't Intel — GOOGL TPU is the archetype of customer-designed ASIC
- Part 1-C5 · Hardware stack — TPU vs. GPU architecture comparison
- Part 1-C7 · Business model — Ad ecosystem vs. cloud vs. AI margins
- Part 2A-C2 · Cultural context — founder control + engineering culture
- Patterns — #1 network effects · #3 regulatory risk
📚 SEC Primary Filings (look it up yourself)¶
- Latest 10-Q (quarterly) — Search / YouTube / Cloud segments + capex
- Latest 10-K (FY25 annual) — full annual data + antitrust risk + Class A/B/C share counts
- Anthropic $40B investment 2026/04/24 — LEDGER F-028
- Investor relations — earnings calendar + historical reports
- SEC EDGAR all filings — full filing history
Real-time quote: Yahoo Finance GOOGL / GOOG
Teaching use · numbers change — learn the method, not the specific figures · investment decisions are based on your own research + risk tolerance