The first is that Apple is really besting Google and it's decision to replace Google Maps as iOS's default mapping app will do serious damage to Google's bottom line. It's won't. The iPhone and IPad probably amount to about 2% of Google revenues. Even without breaking out the green eyeshade, you know Google can survive the loss, in style.
The second instantly consolidating thought is that the map contretemps is over such a small portion of Google's revenue that in doesn't matter. It's a rounding error. Not true. Two percent-especially in a weakening economy-can make the difference between hitting numbers and getting hit by them.
But you need to look wider. Google's fees have also irked Microsoft (MSFT). Pressure is being brought to bear on Google from several quarters-and the search giant, rousted from its slumber, is fighting back.
Google, threatened, has been busy trumpeting the quality of its maps and adding bells and whistles, even as it lets the public (and Apple and Microsoft) know how many airplanes and other equipment go into the secret sauce of their maps.
This is not an issue of Google's losing a lot, at least right away. Or nothing, for that matter. This is the first round in a long high-level hair-pulling fight, with more participants than just Apple and Google. This could get ugly.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.