It is very much true. It has never been profitability. Just look at this activist letter from an investor from Google. (They had a similar one in Nov.
> Competition for talent has fallen significantly in the tech industry, allowing alphabet to materially reduce compensation per employee. Particularly, alphabet should limit stock based compensation given depressed stock price.
> Competition for talent has fallen significantly in the tech industry, allowing alphabet to materially reduce compensation per employee. Particularly, alphabet should limit stock based compensation given depressed stock price.
https://www.tcifund.com/files/corporateengageement/alphabet/...