"Time Warner is another step towards the company's mission of organizing all of the world's information since the media conglomerates are a treasure trove of media content," he says. "From a financial perspective, the deal was a 'no brainer,'" writes Morrison in a note to clients today. "According to our analysis, AOL is likely to generate $90 million in net revenue for Google this year. We believe that the margins on the AOL business to be extremely high, in the 60 to 70% range." The AOL deal will give Google access to the Time Warner unit's extensive video content and other content that has historically been kept behind AOL's so-called "walled garden," Morrison writes. Google's market value now exceeds more well-established tech companies including IBM ( IBM), Hewlett-Packard ( HPQ) and Dell ( DELL). Get Jim Cramer's picks for 2006.