Google are still a major player because they hold monopolies in several markets. I see them as "too big to fail."

No other platform does long form user-generated video content like YouTube. The only other smartphone, tablet and smart watch OS that even holds a candle to Android is a walled garden exclusive to the Apple ecosystem. Even in search they hold a near-total monopoly with around 85 - 95% of all search traffic going through them (depending on which source you ask and if they consider ChatGPT a search engine.) Even Microsoft offering gift card rewards for using Bing search wasn't enough to convince people to try them.

Even in markets where they don't have a monopoly.... GMail is the most popular free email service, Fiber has silently grown to have service in 19 US states despite significant pushback and lobbying from rival internet service providers, they're the only viable alternative to Microsoft in the office productivity software market, virtually every major web browser except for Firefox is built on Chromium, even Waymo is the only (non-Chinese) robotaxi service currently in operation although that market is potentially going to blow up.

Even in the generative AI market they're not only whooping OpenAI's and Microsoft's asses, but can reliably hedge their bets on AI if the bubble does start burst.