LLM-based ad products will compete almost exclusively with Google's search ads business, not with discovery-oriented ad platforms.

LLM-based ad products will almost exclusively compete with Google's search ads business rather than discovery-oriented ad businesses.

“Today you can go to a large language model and close the loop on that same thing. So that ads model is almost going to exclusively compete with the Google search business.”

Modern ad marketplace and auction design is an essentially solved problem, and OpenAI is speedrunning all of its components.

“What drives a modern ads marketplace and auction is essentially like a solved problem and OpenAI is speedrunning all of the components of that.”