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.
Enterprises actively do not want Cloud provider's services distinguished by anything other than speed, cost, and reliability, because features imply lock-in. They'd rather have someone else's computer as bare-metal and run features atop that.
That's a recipe for racing to the bottom in the cloud space against the other providers, where the wins are very raw: what hardware did you predict two years ago you needed today, what breakthroughs in information structuring have your competitors not yet implemented in their own clouds, etc.
It's raw capitalistic competition, and that's good for consumers... But companies don't want that because it's a path to net-neutral revenue in the long-term, which is not how you put your stock on the moon.
I disagree on this. It's not clear how much money they are actually making and how much revenues are shifted over from other business lines to GCP because GCP earnings growth is / was valued higher than other business lines by the markets.
I hate Azure, but Microsoft is at least trying to sell it properly. You get a human you can talk to and their support is responsive (although it's also useless).
> 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.
As a Youtube user, I don't really see any improvements in it (aside from technical ones) compared to 10 years ago.