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I don't see this being much different than what Gmail does?
Whenever I open an e-mail, all of the ads on the right side of the screen are typically relevant to the content of the e-mail. When in the general inbox, the ad at the top of the screen usually reflects the content of one of the most recent e-mails. Or maybe they do some kind of keyword density algorithm over the last 10-20 messages to see what you are talking about, and then post ads relevant to that?
Soon we will be driving down the street and see billboards targeting our car type and hair color.
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