Google: The Origin of Search

We tell the story of the single greatest business ever created:
Google search. From its origins as a Stanford research project
called BackRub, Google became the front door to the internet.
Today it’s an essential service for over half the world, and one
that generates more profit than ANY other US company — more than
Apple, Microsoft, or Berkshire Hathaway.


But it wasn’t always so obvious. When Larry and Sergey began
working on BackRub in 1996, search was a backwater industry in
silicon valley. Existing search companies were eking out a living
as vendors to the then-dominant “portals” like AOL and Yahoo.
Google’s come-from-behind success was the result of three massive
step-function leaps forward in algorithms, infrastructure and
business model… some invented by Google and some borrowed (and
perfected!) by them.


Today, things are not so obvious once again for Google. Despite
earning more profits than all of its big tech peers, its stock
trades at significantly lower multiples — a $1 trillion or more
discount to Apple, Microsoft and Nvidia. Investors are concerned
that AI will render Google’s beautiful business model obsolete,
even though Google also basically invented modern AI and
continues to lead on many dimensions. This episode begins a
multi-part series where we dive into the full history that led us
to this point. Tune in and enjoy!


Update: when you finish, check out our Part II
episode, "Alphabet, Inc."!


Sponsors:


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Links:


BackRub recreation

Original Google logo

Jeff Dean’s resume

Worldly Partners’ Multi-Decade Alphabet Study

Episode sources



Carve Outs:


The Rehearsal with Nathan Fielder (Season 2)

Your Friends and Neighbors

Andor Season 2

Gamecraft Season 3

Steam Deck vs Switch 2 dilemma






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‍Note: Acquired hosts and guests may hold assets discussed in
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