I think your point about dominance is a main player. I can make a dozen cases for LLMs as world of opportunity and compliments for both of these companies.
It takes a lot of opportunity/gain to hedge against the risk of losing 20% of search or social media revenue.
If you already have the whole market, losing share is easier than gaining.
But to a dominant incumbent..."threat" just tends to come with bigger multiplier.
I think your point about dominance is a main player. I can make a dozen cases for LLMs as world of opportunity and compliments for both of these companies.
It takes a lot of opportunity/gain to hedge against the risk of losing 20% of search or social media revenue.
If you already have the whole market, losing share is easier than gaining.
But to a dominant incumbent..."threat" just tends to come with bigger multiplier.