AI Chatbots Challenge the Dominance of Legacy Search Models

Janus Henderson’s Research in Focus, authored by Divyaunsh Divatia, explores how generative AI chatbots are reshaping consumer behavior and threatening traditional search revenues.

• ChatGPT has surged to 700M weekly active users, with engagement surpassing Google’s Gemini, raising questions about Alphabet’s reliance on $198B in annual search revenues.

• AI-driven overviews are shifting traffic away from the “ten blue links,” disrupting publishers and ad-based revenue models.

• A potential “zero-click world” looms, where purchases and actions occur directly within AI interfaces, reducing open web visibility.

What does a zero-click future mean for advertisers, platforms, and investors? Read the full report for deeper insights.