Artificial intelligence is drastically changing the way people search, and that means the online advertising business has to evolve.

Fewer users are clicking on links to websites, and more are going to chatbots to get answers to their search queries. That means advertisers are thinking about how to make sure the people they are paying to reach see their content.

Barron's reported last week that search referrals to top U.S. websites have declined as Alphabet has introduced AI Overviews on the Google search page to compete with models like ChatGPT and Perplexity, which have made people less likely to use traditional search.

One strategy shift will be the inclusion of advertisements in the chatbot responses themselves. Some AI companies have already started doing this: Perplexity and Microsoft's Copilot are examples.

While the adjustment could be intimidating and is likely to require trial and error, NewStreet Research analyst Dan Salmon wrote in a research note on Tuesday that advertisers who make that shift stand to benefit. He sees an opportunity in Google's AI-generated responses.

"Ad matching in AI Overviews and AI Mode offers some key advantages versus traditional search," Salmon wrote, "Specifically, the queries are normally longer and more complex, giving GOOGL both more information, but also more latitude for ad matching versus a short, specific search."

This is still a new change, though. Some of the largest AI chatbots haven't incorporated ads yet, including ChatGPT. The Financial Times reported in December that OpenAI is discussing plans to introduce advertising to its AI products, but the company hasn't responded to Barron's request for comment on whether or not users should expect this change, and when.

The research firm eMarketer wrote in a May report that advertisers should expect the market for ads in AI chatbots to grow.

"After having access to search as a free utility for so long, a critical mass of consumers is unlikely to subscribe to an AI platform exclusively for search," eMarketer wrote. "That makes ad-supported models critical to long-term viability for most Google challengers -- including OpenAI."

That wouldn't be surprising. Running a generative-AI company is expensive, and ads would be another way to cash in.

Salmon's expectation is that the ads in Google's AI search results will lead to less traffic and lower click-through rates, but that the clicks will be more valuable. That's because he believes the ads can be more personalized to searchers, who will be typing in longer, more specific questions.

It's still early days, but advertisers won't want to fall behind their competition as users change their search behavior. Companies that rely on ad revenue are also already using AI to making changes to the way advertisers use their platforms. Meta Platforms, for example, is helping brands target their ads using AI tools.

No one knows how the shift will play out, but there are likely to be winners. And losers.