You make a good argument that Google is technologically in the lead, still I think you are too sanguine about the risks to its business.

you say that OpenAI is not an attack on its Search/Ads business, but I think this certainty that GPT-like search or something better will replace traditional search.

Now I think this shift will happen slow enough that google can ride this wave and have its own GPT service that is as good as OpenAI in time to not loose market share.

But there is a real risk here, this is a once in a decade shift in Google's core business. I suspect we are all going to be using GPT-like search a year from now, not Google/Bing like search. Google is on the clock to deliver!