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Google’s core Search business is feeling pressure, but Alexander Stahel, founder and CIO at Commodity Private Equity Fund, observed that the more surprising aspect is how long it took investors to recognize this trend.
He added that artificial intelligence is altering the landscape in which hyperscalers like Google achieved high returns on capital.
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Stahel has previously tracked major transactions in the tech sector, noting a shell company borrowing $63 billion to acquire Broadcom and Google-designed chips. He has also highlighted pressure on leading Chinese firms after CATL’s quarterly results fell short of earnings estimates. His recent comments on Google come as investors increasingly focus on competitive and financial risks across technology markets.