Sub economy caps out well below the hundreds of billions in ad TAM that Google and Meta split — OpenAI's valuation math only works if they get a slice of that. Publishers whose content trained GPT now watch their articles summarized into ad-supported answers with zero referral traffic; x402 micropayments for AI citations are the crypto-native counter but adoption is quarters out. Agentic answers kill the "browse 10 blue links" pattern AdWords depends on, which caps CTRs structurally below Google's.

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