I think the opposite: Google will do great. Google+Deepmind's ML research groups are leading everyone. While it's true that they are late in getting something like ChatGPT to market, I think it was a wakeup call and it will be good for their ad revenues once they do. When they release it, they'll know much more about users' intent than from a simple search engine query and users will stay on their properties for longer. The concerns about cost are overblown - they don't need to run it for every query.