No it won't. Google's Bard (aka Lambda with search results input) performs almost identically to it from what I've heard and it's already being tested internally.
They have the technology but do they have business model.
I am not able to see a way Google can maintain their dominance in search. They have to eat up their current revenue if they want to play this new game.
ChatGPT like interface means that they cannot show banner ads for their advertisers. I don't think Google can move fast and realign their whole business overnight.
I don’t see why ads can’t be displayed on the side, like they are now in a regular search, and updated as the conversation happens. AFAIK, the cost of an AI conversation far outweighs the cost of a search, so Microsoft/ChatGPT will have to figure out monetization at some point, too.