Well, it might. The FAQ only says this:<p><a href="https:&#x2F;&#x2F;www.ampproject.org&#x2F;docs&#x2F;support&#x2F;faqs.html#who-will-be-able-to-use-accelerated-mobile-pages" rel="nofollow">https:&#x2F;&#x2F;www.ampproject.org&#x2F;docs&#x2F;support&#x2F;faqs.html#who-will-b...</a><p><pre><code>  By using the AMP format, content producers are making the content in AMP files
  available to be crawled, indexed &amp; displayed (subject to the robots exclusion 
  protocol) and cached by third parties.
</code></pre>
<a href="https:&#x2F;&#x2F;www.ampproject.org&#x2F;docs&#x2F;support&#x2F;faqs.html#how-do-accelerated-mobile-pages-work" rel="nofollow">https:&#x2F;&#x2F;www.ampproject.org&#x2F;docs&#x2F;support&#x2F;faqs.html#how-do-acc...</a><p><pre><code>  In addition, AMP files can be cached in the cloud in order to reduce the time 
  content takes to get a user’s mobile device. By using the AMP format, content 
  producers are making the content in AMP files available to be cached by third 
  parties. Under this type of framework, publishers continue to control their content, 
  but platforms can easily cache or mirror the content for optimal delivery speed to 
  users. Google has stated that it will provide a cache that can be used by anyone at 
  no cost, and all AMPs will be cached by Google’s cache. Other companies may build 
  their own cache as well.
</code></pre>
I imagine that means Google will be caching AMP pages in full, so if your search turns up an AMP page, it will be served from Google&#x27;s CDN. Presumably, it will be more difficult to determine what is an ad if it&#x27;s all cached, but maybe ads are an exception to cache -- you can&#x27;t target a static ad very well.