Even if we take at face value the idea that the products have barely changed, which I completely disagree with, this explanation vastly underestimates how many engineers it takes to scale the infrastructure it takes to run Google Search, Google Cloud, YouTube, etc.
Saying "Google hasnt changed" is somewhat of a disservice to what Alphabet is. Its an investment firm / publicly traded venture capital stock, and one of their main holdings is Google. Their future growth potential is much more than just Google, despite Google being their current source of revenue. I would hope, over time, Google Ads being 80% of Alphabets revenue drops and drops, and if I were investing in Alphabet that would be the reason, not to buy into Ad Words ownership.
