Honestly, I don't AI chat is anywhere near competing with search at this moment in time. It will come, but there's no significant near-term risk that AI chat is going to be the place to go for common Google searches like: "what's the weather like tomorrow in London", "Facebook", "Sofas", "funny cat videos".
AI chat is really only useful for a niche area of the search market orientated around non-real-time question and answer type questions. Eg, "who was the greatest US president?"
The valuable search ad space is mostly around transactional searches like "sofas" where a company could place an ad and convert a user looking for a new sofa. No one is using chatbots for this. That's not to say it's not a risk, but I think people are wrong to think that web search and AI chat are directly competing products. AI chat competes with search in a similar way that Alexa and Siri already does – they're useful within a certain niche.
AI chat is really only useful for a niche area of the search market orientated around non-real-time question and answer type questions. Eg, "who was the greatest US president?"
The valuable search ad space is mostly around transactional searches like "sofas" where a company could place an ad and convert a user looking for a new sofa. No one is using chatbots for this. That's not to say it's not a risk, but I think people are wrong to think that web search and AI chat are directly competing products. AI chat competes with search in a similar way that Alexa and Siri already does – they're useful within a certain niche.