If anyone can make this work, it's Google. They have all the right pieces: scale, chip design experience, and high-volume low-intelligence usage (their AI summaries for searches). This is sort of a bet against model capabilities accelerating, right?
I have said it for a while now, Google is the one to watch out for in this space because of all those reasons. They have the biggest search data base, the hardware skills and one of the longest runways in the industry in terms of cash, they are the most likely to ride this out to a profitable situation.