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Would you split the ad division apart from all the rest? Or would each piece (Chrome, Android, Search, YouTube) get part of the ad business?
The issue is that ads are the only thing that makes Google any money. Essentially everything Google does has only one purpose: to drive ad revenues.
And I flat out disagree that Chrome could make any money on its own. It is absolutely mediocre without all the integration into Google services. It would not be able to compete with Firefox on a level playing field.