AI Search & Browsers

AI search repackages web indexing, answer generation, ad distribution and browser permissions into a new entry layer, with Search, Browser and Agent converging. The profit pool is being reshuffled but not split evenly: the largest near-term pool stays with Google (roughly 90% of search, roughly 68% of Chrome), while the increment shifts to Microsoft, professional databases and enterprise search. GEO reshapes rather than replaces SEO, and AI browsers are constrained by prompt-injection security. Rating Watch: favor Alphabet, Microsoft, RELX, TRI and WKL for high certainty, and Reddit plus GEO pick-and-shovel names like Semrush and Similarweb for high elasticity.