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Summary form only given. It is becoming increasingly clear that the next generation of Web search and advertising will rely on a deeper understanding of user intent and task modeling, and a correspondingly richer interpretation of content on the Web. This should also facilitate better selection and presentation of results on mobile devices. How we get there, in particular, how we understand Web content in richer terms than bags of words and links, is a wide open and fascinating question. I will discuss some of the options here, and look closely at the role that information extraction can play.