I don't really agree: it's pretty simplistic to boil Google's history down to two products developed 20 years ago.
I'm not really sure why you say that cloud compute isn't a moat. It's an enormous investment to compete there; there's a reason even large companies buy compute from GCP/Azure/AWS or even if they have their own compute don't attempt to compete. Additionally, GCP has been an enormously successful 'bet' for Google over the past decade.
Google has also turned subscription revenue for their various services into a major revenue stream; it'd be hard to call those various services (Google Drive, Google Play, etc.) anything other than successful.
Chrome doesn't generate revenue by itself, but it certainly drives advertising revenue across the rest of Google's portfolio and was developed in-house.
Finally, it's pretty strange to credit the success of YouTube as a revenue stream with a small loss-making company that was acquired in 2006 rather than Google, who has run it for the past 20 years.
I'm not really sure why you say that cloud compute isn't a moat. It's an enormous investment to compete there; there's a reason even large companies buy compute from GCP/Azure/AWS or even if they have their own compute don't attempt to compete. Additionally, GCP has been an enormously successful 'bet' for Google over the past decade.
Google has also turned subscription revenue for their various services into a major revenue stream; it'd be hard to call those various services (Google Drive, Google Play, etc.) anything other than successful.
Chrome doesn't generate revenue by itself, but it certainly drives advertising revenue across the rest of Google's portfolio and was developed in-house.
Finally, it's pretty strange to credit the success of YouTube as a revenue stream with a small loss-making company that was acquired in 2006 rather than Google, who has run it for the past 20 years.