They will not kill it, but they will redistribute it. Traffic from purely informational searches ("what is X") tends to shrink, because AIs answer directly without the user needing to click. Traffic from transactional, high-intent searches ("hire X", "buy X") should remain strong.
The real impact is at the top of the funnel. Brands that relied on informational traffic to generate awareness will need to adapt. The good news is that if the AI cites your brand in its answer, you gain exposure without a click, which can later generate branded searches and direct traffic.
The strategy for those who want to protect themselves is to diversify: do not depend solely on organic traffic from Google; invest in AI presence (GEO), in communities and in owned channels such as email and LinkedIn. Response Marketing was designed precisely for this channel-diversification scenario.