...Alphabet remains the preeminent global digital advertising company, though advances in generative artificial intelligence (AI) are creating new competitive opportunities and challenges. Our ratings reflect Alphabet's status as the global leader in digital advertising and its leading franchises in search, mobile, and digital video. We think Google's position in digital advertising is solid because the large scale of its platform allows advertisers to reach many sizable audiences, and its unique data sets allow advertisers to target very specific audiences and measure the return on investment they do not typically get from traditional advertising. We think the secular shift of ad spending online will overwhelm any potential for share loss from competitors such as Facebook (Meta Platforms Inc.), Amazon.com Inc., or Apple Inc., allowing Google to grow advertising revenues at least at the same pace as the overall industry. The company maintains its industry leadership position through continually...
