Sure, but Alphabet is insanely profitable, based on having grabbed a lot of market share in the search market and showing people ads. The AI companies är betting that AI will be similarly important to people, and that there is at least some stickiness to the product, meaning that market share can eventually be converted to revenue. I think both of these are relatively likely.
Youtube by all accounts I've read is not and never was profitable. Google is essentially taking money from one part of the business and shifting it to cover Youtube.
