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These days, Google will index more than 100K of a page, but there’s still a good reason to recommend keeping to under a hundred links or so: the user experience.
While site speed is a new signal, it doesn't carry as much weight as the relevance of a page. Currently, fewer than 1% of search queries are affected by the site speed signal
And now that Google can run JS and perform POSTs, I guess they'll even appear to click the ads in some cases.