It would suck for Google to make $20B from AI Chat instead of making $160B in Search, it wouldn't suck for Microsoft to make $20B from AI Chat instead $2B in Search.
If the AI assistants live to the promise, Google is screwed even if they make the best and most popular one.
Yeah. It won't change your logic but they made around $12B I think.
Even if they don't make a cent from AI Chat, it's still worth burning money on if nothing but to dethrone google as the default choice from the public's mind.
[1]: https://www.lukethomas.com/counter-positioning/amp/