Google targets ads to signed-out users (if they consent, have cookies enabled, etc.), but they are careful not to join the fingerprint of a signed-out user with

Google targets ads to signed-out users (if they consent, have cookies enabled, etc.), but they are careful not to join the fingerprint of a signed-out user with the fingerprint of a signed-in user. In other words, when you're signed out, ads can follow you around, but in the network it should seem like you are a different user from your signed-in version. This way, signing out has a consequence.