Google also has had 2 consecutive negative FCF quarters. It is clear that the management do not have a handle over this transition. The expenditure has no reason to stop, and their earnings are not going to balloon thrice over the next 4 quarters.
Let alone the debt. It has tripled over the year, and at this pace, servicing debt will become a huge cost.
Personally I am of the option that AI conversations actually supply a MUCH richer signal for advertising, over a full conversation you could imagine an AI model querying the user to better understanding their desire and then offering them the perfect ad. The impression/click ratio could easily go much higher than traditional web search. But of course this is a new style of ads-bidding and a new interface, I am not surprised it takes time. Personally, would I bet against Google, of all companies, being able to show ads on an interface where users type in what they want and an AI gives them back links? Not really.