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Is Alphabet’s Advertising Business Ex-Growth?

Google's ad business faced a rare year-over-year decline. Timing couldn't be worse given the hype around language models like OpenAI's ChatGPT and the thought that these new tools could disrupt Google Search. But don't count Google out, as Alphabet dominates Search and AI. We examine the recent and past quarters to understand the current situation and speculate on when Google advertising might recover.

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