$Alphabet - C(GOOG.US) plummeted. However, this drop is actually insignificant. The subsequent antitrust narrative and capital investment narrative are also not important. The important thing is:

This round of deepseek r1 network version + openai deep research has severely destroyed the rag series work and embedding vector retrieval. The usage habits of search are further being eroded by LLMs, which seems unfavorable for Google, but Google's ace comprehensive search actually benefits more.

As long as Google's LLM capabilities can keep up with the questions, there is not much to worry about (currently I am not concerned), and I am also not worried about its comprehensive search capabilities. However, when the new C-end product form and the new money-printing machine behind it can be developed is the most critical. Currently, it remains unclear, but there is no obvious crisis, and Google still has opportunities.