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Are Personalized AI Robots Eating Google’s Ad Business?
I felt it was necessary to come on this morning and speak on Alphabet, which fell more than eleven percent after earnings. The real question underneath it is whether personalized AI robots are starting to eat Google’s ad business. I keep these as two separate problems. One is AI mode inside search, which Alphabet admitted monetizes at a lower rate per query even as query growth is the strongest in five years. The other is agentic AI, the personal assistants like MetaMuse that go find you a contractor or a product without ever touching a Google results page or seeing an ad.
I went through the…
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