(https://www.cnbc.com/2026/07/22/reddit-stock-google-ai-content-deal.html) is being framed as a revenue cliff. That's the obvious narrative. But the macro signal is uglier: AI-powered search summaries are systematically destroying click-through to third-party content, which means every publisher facing margin compression from lost traffic while the AI model trainers (NVDA, $TSMC, chipmakers) pocket the capex upside.

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