It seems incredibly likely that the FTC will block that. New leadership seems to be of the opinion that consumer harm is the wrong standard. Buying the competition with profits from a search monopoly leaves all parties impoverished.
Anyways, I don't think the risk is failure, but of non-success. The article claims meta won but it seems like nvidia is the winner: everyone uses their chipsets for training, fine tuning and inference. And the more entrants and niche applications show up the more demand there is for their product. TPUs theoretically play into this, but the "leak" doesn't mention them at all.
Like the saying goes: during a gold rush, sell shovels.
There’s no path forward for Google which doesn’t involve firing a lot of managers and replacing them with people who think their income depends on being a lot better at building and especially maintaining products.