Responses on Twitter are horrific: https://twitter.com/googleeurope/status/1623251768099409920

This is the first non-technical Google presentation I've felt compelled to archive

I think folk are unestimating the scale of the change in medium that ChatGPT represents, it's not simply a problem of popping out a compelling clone for Google, they must also preserve or replace the lost ad revenue which represents 80% of their income, otherwise things quickly start to look grim. In contrast, ads are only 36% of Microsoft's income. If it turns out that llms are only economical as a subscription offering, Microsoft are already better placed to e.g. bundle NewBing with its 365 subscriptions.

I think subscription based search might be the scariest outcome, it would be something like an iPhone moment, where the entire medium becomes stratified into commodity/ad supported/low income user vs. premium/ad free/high value users. Imagine Google's legacy as the spam riddled search engine low income folk use, filled with ads for payday loans, used car dealers and predatory personal injury lawyers