Google Search Still Growing 12%; the Feared AI Mode Cannibalization Hasn't Hit
robleclerc · x · 2026-10-29
A $GOOGL analysis thread pushes back on the 'existential risk to search ads' narrative: before the AI boom Search grew 9-13%; today it still grows 12% off a massive base (even more in Q1/Q2), and normalizing from those quarters hardly counts as existential risk.
The author argues AI Mode isn't cannibalizing traditional Search revenue—if it were, a sharp deceleration would have shown up several quarters ago. Per the earnings call, the largest Search query growth since 2021 without matching revenue yet means people are asking questions they'd never have used Google for before, not cannibalization. AI-agent fears remain speculative.
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