Antitrust ConcernsGoogle’s antitrust case faces penalties likely to disrupt Google search’s distribution on Apple devices, with new search entrants likely to pressure Google’s query share and monetization.
Market And Economic EnvironmentTough macro with all convos highlighting some amount of tepidness in buyers' appetite, e.g., missed targets, stalled talks/deals, Canada weakness.
Search Business ChallengesCompetition for queries is increasing and the search form factor is changing, leading to questions about whether the monetization of search can be maintained at Google's current levels.