I Predicted This Over Two Years Ago
AI overviews have reduced clicks by 34.5%
AI Overviews Reduce Clicks by 34.5%
Google says AI Overviews increase clicks. Cold, hard logic disagrees, and so does our research.

Today, this shouldn't be a shock to anyone. But I did elude to this as an impact of LLMs along with several other musings in a post from March of 2023.
It is still a pretty relevant read:
Thoughts on the future of search, ads, privacy and more in the age of GPTs
My thoughts and mostly questions on future of search, ads, privacy and more in the age of GPTs. The introduction of ChatGPT is earth-shattering, and its introduction into internet search will be no different. This is a really deep area, but I will try to keep it short sort of,
