The iPhone App Store now has more ads

Apple on Tuesday expanded its search advertising inventory on its App Store.

The new ad units represent a significant expansion in Apple's ad inventory.

Earlier this year, Bank of America estimated that Apple could generate $5 billion in revenue from its search ads alone.

The move comes as rivals have scrutinized Apple's advertising business.

Last year, Apple released App Tracking Transparency, which allowed iPhone users to refuse to share a unique tracking ID with app developers.

Before Tuesday, Apple's advertising inventory had been limited to one unit on the search tab, and one on the search results page.

CNBC confirmed new ad units on app pages under a list of suggested apps titled "You Might Also Like."

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