At the time, I thought that sounded like an amazing exit (OK, it still sounds like an amazing exit), and wasn't clear how Google could get that value out in a reasonable timeframe.
I was so, so, wrong. The amount of value hidden and public in that acquisition is astounding. Whoever put it together deserves a massive bonus, ideally in Alphabet stock.
MS putting $1bn a year in on AI is a catch-up game. They may do very well at it, but make no mistake -- we are only seeing the public side of the value Google is generating. I don't imagine we'll ever see blogposts about how they're tuning adwords using AI, for instance. But you can bet the same sort of gains they are seeing with translations, audio generation, game playing they are seeing in the ad space.