When Google places ads on YouTube, just as when it places ads on its own search results pages, Google pays no “traffic acquisition costs” because it needn’t pay any publisher for access to the “eyeballs” that will see or interact with the ads it helps place. Google keeps the entirety of the ad spend for itself. For this reason, Google has an incentive to exclude and disadvantage its rivals in the supply of display inventory, the publishers. Google uses its design of measurement of ads served as well as payment to disadvantage other publishers. Its data policies—including its collection of data about users who visit and interact with particular websites—allows Google to access and monetize the publishers’ audiences without paying those publishers. Google also developed Accelerated Mobile Pages, or AMP, a format that permits pages to load quickly on mobile devices. Google caches the AMPs, the result being that, when an ad appears on an AMP, Google pays a smaller portion of the ad spend to the publisher, and also keeps most of the data about the web user for itself. Google has also recently announced that it will no longer support third-party cookies that allow other ad tech participants to share data about viewers. Without sharing, only a company that occupies all layers of the ad tech stack—namely, Google—will be able to target audiences and attribute payment. In other words, only Google can operate a full-service digital ad business. Moreover, because Google is vertically integrated into all aspects of the ad tech ecosystem, it can design the technical interoperability, the information, and fee structure to make any part of its business “profitable” or not. The ability to shift margins around the supply chain enables Google to harm competitors and deter entry in segments of the industry that would be threatening.