Building a Position in Google and a Vague Qualitative View Just now, I dipped my toes into Google and completed the first tranche of my position in Google. Let me explain why. Among today’s big tech internet companies, many are bullish on Tencent. But I believe Tencent’s fundamentals are weaker than Meta’s. After studying Google, I’ve come to think Meta’s fundamentals are weaker than Google’s. Why has the market recently turned so bearish on Google? Because in the agent space, Meta has already launched Muse. Apple has its own hardware ecosystem. And in the enterprise segment, no one can challenge Microsoft. Google is caught in the middle: Its large models are gradually falling behind, and it hasn’t yet delivered a consumer-facing agent. I don’t see it that way. I believe Google holds massive distribution potential on the consumer side— it’s the king of consumer distribution. And Google’s foundational strength in large models far exceeds Meta’s. As for Meta’s Muse product, I don’t think its moat is nearly as wide as that of a social network. As for Google Cloud? No need to elaborate— it’s already Google’s ticket into the AI world. The other half? Gemini. Taking everything into account, I’m placing a bet: Google may be late to the consumer agent game, but it will arrive—and possibly overtake others. This is a vague, qualitative view.