What Google and Reddit's bad days have in common

Casey Newton argues that Alphabet's 12.6 percent one-day stock drop and Reddit's 15 percent slide share a root cause: AI answers are pulling value onto Google's own pages and away from the open web. Google's chief business officer said AI Mode earns less than traditional search, while Reddit said search traffic fell and it will require logins to browse. Newton expects Google to absorb the shift because it can afford content licensing that most challengers cannot.