What's the bull case not to short Google? 

I don't see how they will be able to defend against the behaviors LLMs are changing.

Everyone is from somewhere. Cofounder and CEO of Pinata. https://www.pinata.cloud/

vertical integration and horizontal infiltration

google already owns/makes anything you'd want to put AI in, and Android XR will put multimodal LLMs anywhere you can't build a hardware surface (think mechanics, plumbers, all the physical trades, etc) or where platforms/companies don't want them to be integrated (think video games)

google won the internet age so far because they subsidized the process of getting more devices onto the internet (phones, chromebooks, home internet, telecom services) so that more people would have access to their ads. they'll run the same playbook with AI — make it so everyone has access to their LLM offerings, everywhere, and heavily subsidize the hardware journey along the way no matter where that takes them.

they don't need to defend. they'll go on the offensive. and they'll use their massive reach and resources to expand beyond normal consumers faster than anyone else can.

NotebookLM, Android XR, Gemini Live — pocket change compared to healthcare, edu, and the trades.