Other commenters are suggesting that this would mean the end for YouTube and Gmail.
My understanding is that a hypothetical breakup here wouldn't mean that YouTube and Gmail would have no ads. They would become clients of an independent "Google Adtech" company.
That certainly changes the economics of the business, but ad-supported Google services would be here to stay.
What would likely change is Alphabet would no longer profit from "Google Adtech's" ads on third party services.
My understanding is that a hypothetical breakup here wouldn't mean that YouTube and Gmail would have no ads. They would become clients of an independent "Google Adtech" company.
That certainly changes the economics of the business, but ad-supported Google services would be here to stay.
What would likely change is Alphabet would no longer profit from "Google Adtech's" ads on third party services.