"Advertisers feel like consumers are susceptible to advertising and are investing in that," Luria said.
Luria noted that while Google is the dominant online advertising business, it's losing some market share as its core search engine is increasingly challenged by other companies investing in artificial intelligence and related services like ChatGPT.
"They are the biggest digital advertising platform by quite a bit of margin, but a lot of that is based on search, and their search franchise is continuously being eroded," Luria said. "It's being eroded by Amazon, being eroded by Meta, being eroded by the AI players."