They fully understand that LLMs are stealing lunch money from established information retrieval industry players selling overpriced search algorithms. For a long time, my company was deluded about being protected by insurmountable moats. I'm watching our PR folks going through the five stages of grief very loudly and very publicly on social media (particularly noticeable on Linkedin).
Here's a new trend happening these days. Upon releasing new non-fiction books to the general public, authors are simultaneously offering an LLM-based chatbot box where you can ask the book any question.
There is no good reason this should not work everywhere else, in exactly the same way. Take for example a large retailer who has a large internal knowledge base. Train an LLM on that corpus, ask the knowledge base any question. And retail is a key target market of my company.
Needless to say I'm looking for employment elsewhere.