Sundar Pichai: belief

Transcript context

…We all started, or life started as unicellular organisms, and now we have this complex life. The question is almost like, does that former version or paradigm eventually go away? Really, what was search becomes an agent and your future interface is an agent, and the search box in 10 years or N years is no longer in the— I mean, the form factor of devices are going to change. I/O is going to radically change. It's tough to… I think you can paralyze yourself thinking 10 years ahead, but we are fortunate to be in a moment where you can think a year ahead and the curve is so steep. It's exciting to just do that year ahead. Whereas in the past, you may need to sit and envision five years out. The models are going to be dramatically different in a year's time. I think riding the curve itself is exciting. I think it'll evolve, but it's an expansionary moment. I think what a lot of people underestimate in these moments is it feels so far from a zero-sum game to me. The value of what people are going to be able to do is also on some crazy curve. Once you view it that way, people would ask all these questions. YouTube has done well since TikTok and Instagram has… I can give many examples. I think the more you view it as a zero-sum game, it looks difficult. It can become a zero-sum game if you're not innovating or the product is not evolving, but as long as you are at the cutting edge of doing those things. We are doing both Search and Gemini. They will overlap in certain ways. They will profoundly diverge in certain ways. I think it's good to have both and embrace it. When we talk about Search and where it's going and things like this, I'm reminded of the fact that basically a year ago, spring/summer of '25, sentiment was very negative on Google. The prevailing view was that Search is cooked, and we're going to have a really hard time. The core business model is under attack, blah, blah, blah. Google was trading for $150-ish a share. Now people have realized that's silly. Google has up and down the stack, whether it be applications or models or TPUs or whatever—as well as Waymo and YouTube and all the cool bets. What do you think investors, as a proxy for informed sentiment, misunderstood this time last year? Because clearly, there was some big misunderstanding.…

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