The collapse of Reddit will be studied. After reporting earnings, its stock collapsed 30% in a single day. It's down 44% in 2 weeks. But the most important detail is what was revealed in that earnings call. The CEO said AI is killing Google search. People no longer get sent to Reddit from Google. They merely get their answers from the AI Mode itself. Even Google confirmed this themselves with their disastrous results - AI mode is cannibalising their search business. Pretty soon, no one will visit Reddit voluntarily. Its traffic will continue to crater. The worst part? Reddit isn't alone. There are millions of companies and publishers that rely on search traffic. That's what happens when you rely on a single funnel for discovery.