Netflix’s $72 billion play for Warner Bros. is as much a bet on the future of artificial intelligence and chips as it is on movies and shows, according to a top Wall Street analyst, who said in an interview with Fortune that the deal cannot be understood without looking at Google’s technology ambitions.

Netflix's $72 billion deal to acquire Warner Bros. studio and its film and television operations drew quick reactions Friday.

The media giant, which owns streaming service HBO Max, has a vast library of feature films, including franchises such as "Wonder Woman," "Harry Potter" and "Batman."