No. There are three hurdles that have to be gotten over. First, the advertiser has to agree to content targeted ads when he sets up his AdWords campaign. Secondly, the Google editorial team must find the ad acceptable for inclusion in AdSense. Thirdly, the ad mustn't be from a site specifically disallowed by the AdSense participant.
On this third point, AdSense participants can prohibit ads from competitors whose website will almost certainly be similar in content to their own.
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