Connect your Claude, Codex or OpenClaw for full transcripts on millions of podcasts. Two week free trial, cancel anytime.

Start free trial →
JH Jordi Hays Jordi Hays Co-founder and host of TBPN, a daily technology talk show covering startup news, funding rounds and the businesses behind Silicon Valley.

“If you think AI is real and going to be big, it's very, very hard to make a super coherent bear case for Google. Even if search revenues decline every year and we're at peak search, they have so many other assets, and they can use that search cash flow to finance so much other infrastructure and M&A.”

TBPN · Startups & Venture · November 2026

“If you think AI is real and going to be big, it's very, very hard to make a super coherent bear case for Google. Even if search revenues decline every year and we're at peak search, they have so many other assets, and they can use that search cash flow to finance so much other infrastructure and M&A.” — Jordi Hays, TBPN

Context

Coogan had just read a post arguing Google's AI Mode is draining traffic from the rest of the web. Hays argues Google's other businesses outweigh the risk to search.

Listen to the episode → More from Jordi Hays → More Startups & Venture quotes →

Transcript

TBPN Around 03:27 into the episode
Jordi Hays

…because we do have a date, November 12th. The TVPN merch store is going to be gone live. It will be released first into the YouTube chat and it will sit there. I'm assuming we'll leave it there for like 10 minutes so the chat can feast and then we'll post it publicly over on X and everywhere

John Coogan

…frustrated. And it can be kind of an annoying funnel because you wind up in AI mode and then you're like kind of trying to click somewhere and it can be sort of jarring. It just requires a new flow to get into. I don't know. What's your overall thinking on Google these days, Jordy? Dylan Patrick.

Jordi Hays

I just think if you think AI, I think if you think AI is real and going to be big, it's very, very hard to make a super coherent bear case, right? Even if search revenues, even if search revenues decline every year and we're sort of at peak search, they just have so many other assets and they can use that search cash flow to finance so much other infrastructure and MA and things like that. I

John Coogan

mean, people are nervous about it, but it's still $200 billion. So effectively, I mean, that's revenue, but it's high-margin revenue that they can deploy elsewhere. And I mean, the take-him take is that in the race to win AI builders, Anthropic and OpenAI now account for 86% of enterprise LLM API…

Jordi Hays

flowing through GCP. It's paying for TPUs, right? So it's like Google's getting their, Google's getting their cut, right?

John Coogan

100%.

Speaker names come from our own diarization. The position is estimated from where the line sits in the episode.

More from TBPN

“It really should never have shipped. The build quality is really bad… It's like very dangerous. I'm constantly kind of on edge when I'm around it, and trying to tell other people around the car, 'hey, that's effectively a knife's edge, keep your fingers away from here.' And again, you can see issues with the car from like 20 feet away.” — Jordi Hays, TBPN “The really successful venture capital firms of today were in the right place through the dot-com crash, like Google, Amazon. So even if you wind up in a total reset of the market, you would definitely expect that there's a couple new effectively hyperscalers that make it through… From start to finish, .com produced something like 151x. And at the last close, this AI peak is at 16x from the baseline.” — John Coogan, TBPN