No. Search engines still send far more visitors to websites than AI chatbots do, and AI answer engines rely on search indexes to find the pages they cite. What has changed is the results page. AI Overviews and AI Mode answer many simple questions before anyone clicks, so some pages that rank well now get fewer visits for basic informational queries.
That makes SEO harder to judge by traffic alone, not obsolete. The work that still pays off is the same work answer engines reward: fast, crawlable pages, clear answers, original information and a reputation that shows up on other sites.
The practical change is to track AI visibility next to rankings. Many agencies now sell SEO and AEO together, and you can see which providers track AI citations before you hire one.