> I am honestly surprised that the Alphabet market cap hasn't reached $2T yet.
Because online advertising, particularly search ads, are working less well for advertisers and regulators are pushing for more changes. The vast majority of Google revenue comes from an industry that is facing massive risks.
On top of that I don't think it's clear that "AI" in search will help Google sell advertising or increase revenue. It's also likely to bring them under even more scrutiny from regulators.
In many ways AI is harder to sell ads against, Google is payed when people leave the page via a click on an ad. That doesn't happen when Google is summarising the content. Microsoft/Bing have found a brilliant way to attack Google, build a product that they have to copy that (potentially) decimates ad revenue.