<ul><li>Google strategists have been analyzing Apple's potential in the ad business.</li><li>Apple's ad business, currently focused on the App Store search results page, could expand to include ads on other apps and web.</li><li>Google speculates Apple's ad business could reach $30 billion.</li><li>However, Apple's reliance on Google's annual payments for default search engine status may impact their willingness to fully embrace the ad business.</li></ul>

Inside 'Project Black Walnut' that sheds light on how Google thinks about Apple's ad business

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