As we head into Alphabet's ((GOOGL) earnings report tomorrow, some of the biggest questions analysts will be asking on the conference call should surround Wiz and NVIDIA and those big plans I discussed in my earlier article.But there are two more issues burning like a GPU at OpenAI: their ad model in the age of LLMs and their (undesired) spotlight from the DOJ on antitrust action.It's fair to ask if Google’s advertising model is in jeopardy since Alphabet still generates the majority of its revenue from Sea ...

Core Insights - Google's primary upside valuation driver over the next three to five years will be its proprietary large language models (LLMs) [1] - GenAI is expected to enhance Google's internal operations and revenue growth, with Google Cloud benefiting from LLMs and related applications [1] - The Gemini LLM has competitive advantages due to the vast data from Google's search engine and YouTube, positioning it well in the market [2] Group 1 - GenAI is anticipated to disrupt content creation, user behavior, and business models [2] - Google's "Zero Click" strategy is identified as a significant disruption for 2024, raising concerns about consumer trust and monetization of high-quality content [4] - The proliferation of low-value content may affect session time and ad monetization for publishers reliant on traffic referrals [5] Group 2 - GenAI's summaries in search results are reducing the need for users to click through to links, impacting traditional ad revenue models [5] - The risks associated with GenAI include copyright violations, hallucinations, and deepfakes, which could threaten the integrity of media [5] - A virtual panel on the impact of GenAI on media and the internet will be hosted by Needham analyst Laura Martin, discussing various stocks including GOOGL [3]