I know a lot of people chide Google for being behind OpenAI in their commercial offerings. We also dunk on them for the over-protective nature of their fine-tuning. But Google is scarily capable on the LLM front and we shouldn't count them out. OpenAI might have the advantage of being quick to move, but when the juggernaut gets passed its resting inertia and starts to gain momentum it is going to leave an impression.…
https://youtu.be/-i9AGk3DJ90?t=616
In essence, Google already rules information retrieval. Their margins are insane. Switching to LLM based search cuts into their margins and increases their costs dramatically. Also, the advantage they've built over decades has been cut down.
All of this means there is potential for less profit and a shrinking valuation. A shrinking valuation means issues with employee retention and it could lead to long term stagnation.