Don’t Count Google Out

Is 2024 going to be the year investors change their minds about Google?

For the last 12 months, most of them have preferred Meta Platforms, Amazon and Microsoft—although Google’s stock growth did outpace the market.

Part of what drove that preference was the view among leading Silicon Valley investors, notably Altimeter Capital’s Brad Gerstner, that Google’s best days of monopoly profits are behind it. OpenAI, Anthropic and others are building new ways to help consumers figure out what restaurants to go to or what shoes to buy, the theory goes. And those tools will eat into Google’s share of that business.