> Any reason to believe Google's unit economics on AI are any different than the other players here?

Only when it comes to their TPUs, and sometimes that one thing may just be the difference to push them over the hump.

Per-token cost-wise, TPUs (& specialized processors in general) will beat GPUs every time. The efficiency difference between the 2 types is never to be ignored, & is likely why they can shotgun it everywhere.

> And Google is an advertising company. Mostly in search, and increasingly dependent on YouTube. Everything else is a net money loser, including Waymo, Gemini etc.

1) Each venture should be treated as a (relatively) isolated vertical slice

2) 9 out of 10 times, a venture just doesn't break even. That's just the nature of the business.