Is Google's $260 Billion Ad Empire Doomed?

Last Time the Market Was This Expensive, Investors Waited 14 Years to Break Even

In 1999, the S&P 500 peaked. Then it took 14 years to gradually recover by 2013.

Today? Goldman Sachs sounds crazy forecasting 3% returns for 2024 to 2034.

But we’re currently seeing the highest price for the S&P 500 compared to earnings since the dot-com boom.

So, maybe that’s why they’re not alone; Vanguard projects about 5%.

In fact, now just about everything seems priced near all time highs. Equities, gold, crypto, etc.

But billionaires have long diversified a slice of their portfolios with one asset class that is poised to rebound.

It’s post war and contemporary art.

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You can invest in shares of artworks featuring Banksy, Basquiat, Picasso, and more.

24 exits later, results speak for themselves: net annualized returns like 14.6%, 17.6%, and 17.8%.*

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_{*Investing involves risk. Past performance is not indicative of future returns. Important Reg A disclosures: masterworks.com/cd.}

Is Google's $260 Billion Ad Empire Doomed?

Advertising is the engine that drives the Internet. And it’s an incredibly powerful one.

Google still makes most of its money from ads. To be precise, it makes over $260 billion every year from advertising alone.

Even Amazon—best known, of course, for its Ecommerce business—now makes almost $60 billion per year from ad sales.

Now, a new player is getting into the market: OpenAI.

As my most recent article in FastCompany shares, OpenAI has a huge running start. It already has a user base that includes almost 10% of humans on the planet. And it knows a LOT about those people.

People spend an average of 10-20 second on a Google search. In contrast, they spend an average of 12 MINUTES on each “session” with ChatGPT. That’s enough time for the bot to learn a lot about their wants and needs.

Here’s why that matters—and why OpenAI could be threatening Google’s ad empire in short order.