“The reality is AI mode does not drive traffic. … Used to be a traffic driver. Now it's not. People still want Reddit. It's just Google is not sending them to Reddit the way they used to.”

Reddit is down. You saw this. Reddit's selling off. I think Will mentioned it. The quotes from the earnings call are a little rough. Google is crawling us as hard as ever. The reality is AI mode does not drive traffic. So people go, they used to just say cite Reddit, click on the Reddit, click, see some of those ads over there. Now people are getting the answer directly in AI mode. Not for us and not to anybody as far as I know. So traffic is way down. Used to be a traffic driver. Now it's not. People still want Reddit. It's just Google is not sending them to Reddit the way they used to. Huffman says Reddit isn't counting on Google traffic returning. We don't control Google. We only control Reddit. And so they are going log in only. You can only use the service if you're logged in. So they're putting up a paywall, basically, or social network. Oh, yeah, registration wall. Yeah, it's a social network. It's probably the natural form of this.