By Sambhav Bansal, Alonso Munoz
When Sundar Pichai became CEO of Google in 2015 and later Alphabet in 2019, he was hailed as a thoughtful, technically adept leader who could guide the tech giant into its next era. Nearly a decade later, Alphabet’s trajectory under his leadership has raised concerns. Once a beacon of innovation, Alphabet now appears reactive, fragmented, and increasingly reliant on legacy revenue streams. We find ourselves asking: Is Sundar Pichai the right man for the job?
The Innovation Engine Has Stalled
Alphabet has been synonymous with bold bets and moonshots. From Google Search to Android, Gmail to Google Maps, the company’s early years were defined by groundbreaking innovation. Under Pichai, that innovative spirit has felt restrained.
While Alphabet made exciting announcements at their annual developer’s conference “Google I/O 2025” this week, such as the Gemini 2.5 model and Veo video generation, they have largely been overshadowed by the aggressive pace of competitors like OpenAI, Microsoft, and Meta. Microsoft’s integration of OpenAI’s models into its Office suite and Azure cloud platform has positioned it as a leader in enterprise AI, a space Google once dominated.
Despite Pichai’s claims that Google is “shipping faster than ever”, the company’s AI rollout has felt cautious and reactive against an “AI” environment that has developed at breakneck speed. The delayed launch of Bard (now Gemini) compared to ChatGPT is a prime example of a fumbled rollout in a race for AI dominance. While OpenAI captured public imagination, Google hesitated, bogged down by internal debates, risk aversion and a confusing roadmap for product development and rollout.
Even internally, innovation has suffered. The decline of Google’s famed “20% time” policy, once responsible for products like Gmail and AdSense, has stifled creativity. Instead of bold new ideas, Alphabet has leaned heavily on its aging Search and Ads businesses, which still account for much of its revenue.
The Product Graveyard Grows
Google has developed a reputation for abandoning products and services, leaving users stranded and skeptical of investing in its ecosystem.
The list of shuttered products under Pichai’s leadership is staggering: Stadia, Google Glass, Daydream VR, Google Fit, Google Podcasts, and dozens more. Even core services like Google Assistant have seen significant functionality decline. Once a leader in smart home integration, Google Assistant now lags competitors like Amazon Alexa in reliability and ecosystem support.
Consumers who invested hundreds of dollars in Google Assistant-enabled devices for their homes and offices now find themselves with increasingly limited functionality. The upcoming shutdown of Google Fit APIs further illustrates the company’s inability to commit to long-term product support.
This pattern has made users frustrated to the point of making memes: The Google Graveyard.
Lack of Focused Execution
Alphabet’s sprawling structure and fragmented priorities have led to a lack of focused execution. While the company continues to experiment with side projects like Project Starline and Google Beam – these initiatives generate minimal revenue and often lack clear paths to profitability.
Meanwhile, Alphabet remains overwhelmingly dependent on its core advertising business. In 2024, over ~75% of Alphabet’s revenue still came from Search and YouTube ads, and ~12% from its cloud business. Despite significant investments in hardware, and AI, these segments have yet to become meaningful profit centers.
Internally, this lack of focus has led to confusion and frustration. This 2021 New York Times report revealed that many Google executives were disillusioned with Pichai’s slow decision-making and risk-averse style. One example cited was his year-long delay in filling a key leadership role despite having qualified candidates.
The result? A brain drain. Alphabet reportedly lost 36 vice presidents in a single year. While the company still boasts deep technical talent, such turnover at the executive level signals deeper issues with morale and strategic coherence.
Mounting Antitrust Pressure
Alphabet is also facing unprecedented regulatory scrutiny. The company is currently entangled in multiple antitrust lawsuits in the U.S. and abroad, targeting its dominance in digital advertising, app distribution, and search.
While some level of scrutiny is inevitable for a company of Alphabet’s size, critics argue that Pichai has failed to proactively shape the regulatory narrative. Instead, Alphabet has often appeared on the defensive, reacting to legal challenges rather than leading with a clear vision for responsible tech governance. In contrast, Microsoft has taken a more collaborative approach with regulators, positioning itself as a responsible AI leader. This reactive posture has left Alphabet vulnerable.
The Case for New Leadership
Alphabet remains one of the most profitable and influential American companies in the world. Its products are used by billions, and its infrastructure like the new Ironwood TPUs (24x more powerful than the world’s fastest supercomputer, built for AI inferencing) is world-class. But profitability alone is not a measure of visionary leadership.
The question is whether Alphabet is still setting the pace for the tech industry—or merely keeping up.
We believe the company needs a bold, decisive leader who can restore its culture of innovation, rebuild consumer trust, and chart a focused path forward. Visionaries like Demis Hassabis (CEO of DeepMind) or Jeff Dean (Google’s Chief Scientist) may be better suited to lead Alphabet into its next chapter.
Sundar Pichai’s legacy is still being written. But if Alphabet is to reclaim its position at the cutting edge of technology, it may require a change at the top.
The opinions expressed in this commentary reflect the personal opinions, viewpoints and analyses of Hamilton Capital Partners, LLC (“HCP”) and are subject to change without notice. Such comments should not be regarded as a description of advisory services provided by HCP or performance returns of any HCP client. Nothing in this commentary constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The third-party material presented is derived from sources HCP consider to be reliable, but the accuracy and completeness cannot be guaranteed. Hamilton Capital Partners, LLC manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results. Hamilton Capital Partners, LLC is a registered investment advisor under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about the firm, including its services, strategies, and fees can be found in our ADV Part 2 and/or Form CRS, which is available without charge upon request. Hamilton Capital Partners, LLC maintains Alphabet, Inc. (NASDAQ: GOOGL) as a position in the firm’s portfolios.
