Why are both JPMorgan and Buffett eyeing Google stock? The biggest bubble in AI might not be in computing power, but in 'who’s footing the bill.' JPMorgan just released a report: bullish on Google Cloud and Amazon Cloud, bearish on Meta and Fiverr. Google Cloud’s 2027 growth forecast has been raised from 70% to 107%. Amazon Cloud’s forecast has been raised to 40%. But look at Meta: Revenue forecast only increased by 0.9%, while expenses surged to $210 billion. Free cash flow in 2027? Negative $72.8 billion. The money earned isn’t enough to cover the money spent. Fiverr is even worse. Website traffic decline widened from -10% to -22%, and revenue is expected to drop another 15% by 2027. AI money isn’t evenly distributed. Cloud providers are collecting rent, while platforms are taking hits. This divergence? Buffett figured it out a long time ago. In Q3 2022, Berkshire Hathaway bought $4.1 billion worth of TSMC. By May 2023, they sold it all. Buffett called TSMC "one of the best-managed companies in the world," but he still sold it—because of geopolitical risks. Then, he shifted direction. In Q3 2025, Berkshire Hathaway bought Google stock for the first time, valued at $4.3 billion. By Q2 2026, they increased their holdings by 83%, owning 106 million shares worth $37.8 billion, making it their third-largest position. Buffett personally admitted: "This was my idea." Why would a 95-year-old go all-in on a tech company? The answer isn’t in AI—it’s in paid clicks. In Q1 2025, Google’s paid click growth slowed to 2%. The market said: ChatGPT is going to kill search. By Q2, it rebounded to 4%. By Q1 2026, it surged to 13%. The quarter Buffett bought Google? It was the same quarter paid clicks started accelerating again. The market fears AI will make search obsolete. Buffett sees AI making search more profitable. JPMorgan and Buffett are looking at the same thing: Google’s search isn’t dead, Google Cloud is growing, and Google’s chips are selling. Both are labeled AI stocks, but one is collecting taxes, while the other is paying them. So, the AI stocks you’re holding—are they collecting rent, or paying rent?