Yet? Maybe they are but embedding adds or paid signal amplification/probability tweaking has already been floated on the market and may already be a product.

For Google, search quality is a moat. And it's becoming apparent that AI quality is a moat as well.

It doesn't matter if it's classic search or LLM. They can monetize tracking information as easily as they can sell ads. They'll have fast cheap custom-built assistant models that run on device by default, keeping things profitable. In time they'll likely double-dip again by injecting product placement in results.