Breakups Can Unleash Hidden Value

In breakup scenarios, companies may not survive as unified entities, but such separations can potentially unlock greater value for shareholders. Observing the case of AT&T and other companies, divesting parts of the business like YouTube or ad tech might be beneficial. The dominance of Google's scale in the search market is a critical factor, as it commands 98% of mobile search queries across general search engines. This vast scale not only emphasizes Google's significant market position but also highlights the unique importance of tail queries—queries that have never been asked before—which further illustrates the potential for innovation and growth within this realm.