IBM's transformation template looks like this: after the main business hits its growth ceiling, they package hardware capabilities into services (IBM Global Services), monetize patents and tech reserves, and eventually shift their valuation anchor from 'innovation leader' to 'cash flow stabilizer.' Google is now doing something very similar—selling TPU GCP computing power to 'select customers' in data centers. Essentially, they’re turning their in-house chip capabilities from an internal moat into an external revenue stream. Meanwhile, Gemini has already fallen to a second-tier model. Once this step is taken, it’s hard to reverse. At a time when everyone is cautious about capital expenditures, this move is helpful for maintaining and boosting stock prices. Google, the company I used to love, has now turned into Microsoft. But in the long run, on some quiet afternoon, it might just become IBM.