That model now faces its own test. Generative AI is changing how people get information online. Apps like OpenAI’sChatGPTand Google’sGeminiengage users in conversation and generate direct answers rather than just lists of links. By reducing the need to click through to other sites, these systems are beginning to displace the gateway function that aggregators depend on, eroding their ability to capture intent at the top of the funnel, the foundation of their traffic and revenue.