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Re:Google AMP – A 70% drop in our conversion rate by Illniyar on Wednesday August 08, 2018 @04:38PM (#17719256)
Actually the main performance gains is by google search preloading everything (basically putting it in an iFrame before you click on it). Which practically means that pages load instantly.

https://timkadlec.com/remembers/2018-03-19-how-fast-is-amp-r...

Re:Google AMP – A 70% drop in our conversion rate by tfb on Wednesday August 08, 2018 @10:35PM (#17721311)
Google could easily adjust their ranking algorithm to better reward non-AMP pages (which they've obviously already crawled) which they know are 1) below say 75 KB and 2) contain a limited number of resources to fetch. But instead of doing that, they choose to attempt to strongarm everyone into using AMP.
Re:Google AMP – A 70% drop in our conversion rate by eythian on Thursday August 09, 2018 @10:57AM (#17724704)
In the article they say they're planning on doing exactly that.
Re:Google AMP – A 70% drop in our conversion rate by tfb on Friday August 10, 2018 @11:24PM (#17738119)
Hopefully they actually follow through on that.