Subject: Bear Case
I have outlined the Bull case, but I have to admit I am stuck trying to figure out the Bear case.

Are these realistic threats?
* Investing $75B in capex won't pay off (its really only 1 year of free cash flow)
* ChatGPT will kill their search business (even if this is true, it might take what 5 years or more?)
* Recession will kill growth in their Cloud business (possibly a short term speed bump)
* ???


tecmo
...