Thomas Chua
@steadycompound.bsky.social
Filling my stock portfolio with steady compounders and sharing my analysis at http://steadycompounding.com
Slide deck: assets.pershingsquareholdings.com/wp-content/...
February 12, 2026 at 12:25 AM
Slide deck: assets.pershingsquareholdings.com/wp-content/...
Detailed report dropping soon for newsletter subscribers.
February 5, 2026 at 10:19 PM
Detailed report dropping soon for newsletter subscribers.
4/ No cannibalization: When asked directly if Gemini App is eating into Search, Sundar said "we haven't seen any evidence of cannibalization" — instead calling it an "expansionary moment."
This is just the Search story. Cloud, YouTube, Waymo, CapEx — there's a lot more to unpack.
This is just the Search story. Cloud, YouTube, Waymo, CapEx — there's a lot more to unpack.
February 5, 2026 at 10:19 PM
4/ No cannibalization: When asked directly if Gemini App is eating into Search, Sundar said "we haven't seen any evidence of cannibalization" — instead calling it an "expansionary moment."
This is just the Search story. Cloud, YouTube, Waymo, CapEx — there's a lot more to unpack.
This is just the Search story. Cloud, YouTube, Waymo, CapEx — there's a lot more to unpack.
3/ Economics are getting better: Gemini serving costs dropped 78% over 2025. Google shipped 250+ AI product launches in Search in Q4 alone.
February 5, 2026 at 10:19 PM
3/ Economics are getting better: Gemini serving costs dropped 78% over 2025. Google shipped 250+ AI product launches in Search in Q4 alone.
2/ Monetization is improving: Gemini's intent understanding lets Google serve ads on complex, long-tail queries that were previously unmonetizable. AI Max has unlocked billions of net new queries for advertisers. Hundreds of thousands of advertisers already use it.
February 5, 2026 at 10:19 PM
2/ Monetization is improving: Gemini's intent understanding lets Google serve ads on complex, long-tail queries that were previously unmonetizable. AI Max has unlocked billions of net new queries for advertisers. Hundreds of thousands of advertisers already use it.
1/ Usage is expanding: Daily AI Mode queries per user doubled. Sessions are longer and more conversational. Queries are 3x longer than traditional search. People are searching in ways they never did before — 1 in 6 AI Mode queries use voice or images.
February 5, 2026 at 10:19 PM
1/ Usage is expanding: Daily AI Mode queries per user doubled. Sessions are longer and more conversational. Queries are 3x longer than traditional search. People are searching in ways they never did before — 1 in 6 AI Mode queries use voice or images.