Reddit shares tumble 30% after CEO warns Google AI is cutting search referrals - [Read more](

Reddit shares fell roughly 30% after the company's chief executive warned that Google's AI-driven search features are reducing the referral traffic that flows from Google Search to Reddit's platform. The transmission channel here is advertising revenue and user-acquisition economics: Reddit depends heavily on search-driven logged-out visitors to grow its audience and ad inventory, so a sustained drop in referrals threatens both engagement metrics and future ad pricing. For Alphabet, the read-through is more nuanced, since the cited mechanism involves Google's own AI Overviews altering click distribution, which raises questions about publisher relationships, content-licensing costs, and the long-term monetization of search queries that increasingly resolve on the results page. Traders watching GOOGL and GOOG should track any follow-up disclosures from Alphabet on AI Overviews' effect on click-through rates, as well as the next Alphabet quarterly earnings release, where search revenue growth and traffic commentary will indicate whether the disruption is material to the core advertising business.

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