The analyst may or may not be correct. However, his reasoning is absurd.
Google is not a search company. Google is an advertising company. Search stopped being their core business years ago. In fact, their search product isn’t demonstrably better than what is probably their closest competitor, Bing. Google’s index is still larger, but their results aren’t superior.
Google is an advertising company.
“Google is an advertising company.”
Exactly, and a real internet search company would make them valueless in a very short time.