For the first time, Google Search is about to generate less than half of Alphabet's revenue.

JPMorgan models $GOOGL Cloud revenue tripling from $59B in 2025 to $253B in 2028, growing 50 to 75% a year while Search grows around 12%.

By 2028 that pushes Search down to 45% of Alphabet's revenue, a record low for the business that built the company.

Alphabet is quietly turning from an advertising company into an AI infrastructure company.