Has AI Already Eroded Google’s Search Dominance?

Bullish Gator

Evercore ISI’s Mark Mahaney examines whether AI is cutting into Google’s search business and pinpoints where the next wave of AI demand may arise.

Editorial companion

What stands out

Evercore ISI’s Mark Mahaney lays out a concrete question: has generative artificial intelligence already dented Google’s core search ads franchise, or are we early in a multi-year shift in how users find answers? He highlights two things: visible disruption inside search product plans and the likely next wave of AI demand beyond consumer chat, enterprise search, cloud AI infrastructure, and ad formats that mix answers with commerce. That mix matters because it reframes AI from a single competitor threat into a set of new services and revenue paths that Alphabet must defend or capture.