Consumer AI Agent Monitor: June 2026

Research evidence excerpt

Consumer AI Agent Monitor: June 2026

Equity Research

Industry Update — June 22, 2026

Internet

Category Expansion Story Continues

Our Call Ken Gawrelski

AI Agent & Search engagement accelerates to +38% y/y, fastest on record, reinforcing Equity Analyst | Wells Fargo Securities, LLC

Ken.Gawrelski@wellsfargo.com | 617-210-3707

TAM expansion thesis. Google search enhancements AI Overviews and AI Mode have

Zachary Morrisseytransformed a mature, modest growth platform (early '25) into a 30% grower (May '26).

Associate Equity Analyst | Wells Fargo Securities, LLC

Zachary.Morrissey@wellsfargo.com | 212-214-5344

Total Google (Search + Gemini) search instances continue to accelerate, +35% y/y as David Umansky

Google retains 85.7% of total search market (70bps higher share vs. Jul '25). Google Associate Equity Analyst | Wells Fargo Securities, LLC

Search accelerated 240bps M/M to 30% Y/Y, 7th straight month of acceleration, while David.Umansky@wellsfargo.com | 212-214-1406

Gemini growing 847% Y/Y, faster than every month of 2025. QTD total Google search Audey Ashkar

instances (+33% y/y) accelerating vs. 1Q26 +25% vs. FXN consensus estimates of stable Associate Equity Analyst | Wells Fargo Securities, LLC

sequential search revenue growth suggests upside potential to 2Q search revs. Audey.Ashkar@wellsfargo.com | 212-214-7393

George Rusnak

Total global search market growth accelerated 110bps to 37.6% Y/Y, the fastest in the Associate Equity Analyst | Wells Fargo Securities, LLC George.C.Rusnak@wellsfargo.com | 212-214-6573

2+ years of our sample; continued acceleration supports the thesis that AI is TAM-

Barath Rao, CFAexpansive for search, driving incremental volume and broadening use cases rather than

displacing core market.