OpenAI is building a new kind of ad machine. Early data suggests Google should worry.

OpenAI's ChatGPT ads, which target users through conversational intent rather than keywords, could meaningfully disrupt Google's search-ad business, according to Similarweb data. Early campaigns from brands like HubSpot, Dick's Sporting Goods and Indeed show ads can appear after many turns of conversation, monetizing intent that traditional search misses. Similarweb estimates ChatGPT CPMs near $60 and CPCs around $12, with average CTR ~0.68% (top campaigns hit 5.4%). Nearly half (46%) of ad-triggering chats began with no commercial intent, and 83% of those queries wouldn’t have triggered Google Shopping ads. Users also keep chatting after ads 73% of the time, suggesting ads aren’t destructive to experience. If these metrics scale, advertisers may reallocate budget toward conversational AI, pressuring Google’s keyword-based pricing and inventory dynamics.