Michael Nathanson

Adamski rejected the premise rather than detailing changes made to Mediabrands, though he confirmed principal media is part of the value equation.

Angelastro attributed most of the Experiential growth to the World Cup without a dollar figure; Wren added some Q3 contribution.

John noted IPG paid $2B for Acxiom while he paid $9B for all of IPG. Praised data fidelity from regulated industries. Paolo said AI makes Acxiom data exponentially more powerful. Phil deferred pro forma expense detail, noting not every schedule is perfectly comparable yet.

Phil said the split is mixed across both portfolios. 40% is execution and support (mostly Omnicom), 25% is advertising (distributed), balance roughly equal. Emphasized decisions were strategic not company-origin-based.

Phil confirmed the LTM September 30 combined numbers ($26.3B revenue, $4.1B EBITA) are very close to consensus estimates for full year 2025 and serve as the baseline for internal planning.

John deflected on combined projections but argued underlying growth is comparable to Publicis at approximately 4% versus 5% when adjusting for Olympic and election comps. Said portfolio composition improvements will accelerate growth.

John dismissed RFK concerns as more noise than substance, noting little traction in actual regulatory changes. Omnicom's healthcare business focuses on high-science, not direct-to-consumer advertising.

John said compensation models will shift to outcomes. Paulo added AI is expanding creative territories and adding value, not just reducing cost.

John acknowledged pitch volume likely softer than last year given uncertainty but noted several offensive opportunities. Phil said third-party cost growth reflects client-demanded services, consistent with industry.

Sundar: the moat is the full-stack solution approach, where the model is one ingredient in cybersecurity, data analytics and agentic workflows, not the product itself.

Pichai laid out clear allocation priorities: GDM model training first, then long-range plans for Search and YouTube, then Cloud enterprise and infrastructure demand.

Schindler said Gemini app monetization is focused on subscriptions for now but signaled that successful AI Mode ad formats would eventually transfer to the app.

Pichai said commercial journeys span Search YouTube Gemini app with opportunity for foundational uplift. Protocol makes transactions easier for users while allowing merchants to showcase offerings and promotions. Value prop for ecosystem must be right. Now implementing protocols with Gemini models making agentic progress toward seamless discovery and action. Ashkenazi said approximately 60% of investment in servers and 40% in data centers similar 2025 and 2026. Just over half of 2026 ML compute expected for cloud business.

Schindler said AI Mode has 75 million daily active users with strong week over week growth and queries doubled over quarter. Testing ads but too early to share details. Ashkenazi said not just early signs but already seeing returns in Cloud generating billions from AI quarterly. Rigorous framework evaluates long-term investments for resilient growth and meeting near-term customer demand. Evaluates potential return across Cloud ads YouTube with high confidence before making investments.

Pichai said AI will spur new wave of hardware innovation with glasses experiences taking dramatic step up but phones will remain center of consumer experience for next 2 to 3 years. On AI Mode versus Gemini app said AI Mode shines for information-oriented queries where users want full AI power grounded in search experience. Gemini app sees everything from long chat conversations to therapy-like experiences. Glad to have both surfaces to innovate in with commonly served areas becoming more seamless over time.

Schindler highlighted rebuilt Google Shopping experience with AI showing 13% more daily active users in December. Includes AI-generated briefs deal finding tools and personalized deals page. Ashkenazi outlined rigorous governance for CapEx allocation balancing external customer demand and internal needs. Broad business allows repurposing capacity. Self-designed TPUs and data centers deliver superior performance and cost efficiency.

Dan quantified the record ad gross margin and called the level sustainable, a direct answer.

Charlie framed fragmented streaming sports as a durable tailwind for Roku's sports zone.

Evan argued first-mover advantage and full-stack integration but did not give a financial payback case; partial.

Evan said upper-funnel video via partners is a possibility but flagged channel-conflict considerations; direct.