Right, I don't necessarily think Google will lose its userbase -- although ChatGPT and Claude and heck, even Muse, are formidable threats -- but I do think its ability to monetize each user will drop sharply as users shift to AI search.

Like, in the theorycrafting in my comment that I linked before, I didn't assume any change in userbase; just how lucrative (or not) each step in a chat-based journey could be versus a search-based one.