This article discusses the competitive pressure Google faces in its search business due to ChatGPT, as well as the prospects for the development of its cloud computing and YouTube short video services. Key points include: ChatGPT's impact on Google's search revenue is limited, and the launch of Gemini can hedge some of the risks; it is expected that the cloud computing business will benefit from the incremental growth brought by AI; there are internal erosion issues between YouTube's short and medium-to-long videos. Overall, Google's core business growth is stabilizing, and regulatory risks are a key area to watch.