Well thought out commentary... Let's dig deeper and at least we make it more interesting conversation, not a blurb.
Wouldn't it be technically no because Google's revenue isn't 100% from ads? They're making almost $120bn from cloud, subscriptions and devices for example. It could be cloud money. And if Google gets ad money so whatever it pays becomes ad money, then it's ad money all the way down.
Where did you get the $120bn figure?
FYI last fiscal results from Q1 of Alphabet, Google Cloud made $20bn revenue Q1 2026, up from Q4 2025 of $17bn. It's a bit misleading to include "subscriptions, platforms, and devices" in cloud.
Q1 2026 Google's revenue totalled $109bn, of which $77bn is Ads, so 70% of its revenue is Ads. It's common knowledge that Google is an Ads company.