Goog has YouTube which is atleast worth the same as Netflix.
Ads network : 10 times that of FB.
Google Cloud: Still small but a lot of growth potential and this market has place for 3 big players.
Productivity tools : GDocs on web is much better than office 365.
Waymo: Could be big.
Playstore network because of Android.
Most of the business are growing.
I feel that if MSFT can rise so much in the past 2 years because of azure which was down for more than 20 hours yesterday, either we are over valued or Google is undervalued.
A truly diligent analysis of the market space. Undeniable.