Maybe. To really make money on ads they would need to embed them directly into the chat I think. Banner ads arent worth enough I think and google is able to make so much off them largely because people are already looking to click a link when they search something. People would just ignore them with genAI.

Maybe Im projecting my distaste for being psychologically manipulated, but I dont think users would continue using a genAI that embeds ads directly into the response when they can just switch to gemini where they only see banners.