$Alphabet - C(GOOG.US) plummeted. But in fact, this drop is insignificant. The antitrust narrative and capital investment narrative are also unimportant. The key issue is:

This round of DeepSeek R1 online version + OpenAI deep research has severely undermined RAG series work and embedding vector retrieval. Search usage habits are further eroded by LLMs, which seems unfavorable for Google, but Google's trump card—comprehensive search—has actually become even more critical.

As long as Google's LLM capabilities can keep up, there won't be major issues (I'm not worried about this for now). I'm also not concerned about its comprehensive search capabilities. However, the most crucial question is when Google can develop new C-end product forms and the new cash-generating models behind them. The outlook remains unclear, but there are no obvious signs of crisis yet—Google still has opportunities.