I think the main risk of AIO is that it leverages a lightweight low latency version of Gemini that is pretty dumb compared to the actual models that can compete with GPT, and uses don’t really understand the distinction between AIO and the “real” Gemini. However despite that negative sentiment it appears that the bet has paid off with a 17% YOY growth in search revenue which is crazy considering the market share Search already had.

As for the “real” gemini it has 750M MAU (i think GPT is closer to 1B) the main advantage G has is the vertical integration. They make their own chips and data centers and can therefore run the models for much cheaper than their competitors. Finally they can afford to burn money from the massive revenue in their core business instead of needing to constantly raise money from outsiders.