Very naive article. The author seems to think the stock market is voting on the quality of each company’s AI demos. Spoiler: that is not what stock prices reflect.<p>Today, 60% of Google’s revenue comes from search ads. 5% of Microsoft’s revenue comes from search ads.<p>And most people believe these AI tools will reduce both ad inventory and clickthrough.<p>So, even if you believe Google’s offering is not just equal but substantially better than Microsoft’s, Google still stands to make less money in the future than previously expected. And that’s what drives stock prices.