The record highs come even as both companies face ongoing antitrust investigations by coalitions of state attorneys general.
Levine said that regulatory concerns have historically been his firm's biggest concern with Google, but that as the company diversifies revenue into other areas, regulation is a lesser investment risk.
"We are not minimizing the regulatory risk, but Doubleclick/ad-tech stack revenues are predominantly related to GOOG networks," he said. "To the extent the government pursues an anti-trust case, we think GOOG would be well served to offer up some easy concessions..." However, he did identify a number of risks the company will still face in 2020, including "prospective anti-trust actions given perception that GOOG is a monopoly in search/requires them to change business practice."
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