(https://www.cnbc.com/2026/09/08/australia-social-media-algorithm-opt-out.html) social media users can opt out of algorithm-based feeds. Sounds regulatory-boring until you model the cascade: $META posted a net margin last quarter because algorithmic targeting lets them charge premium CPMs for precision ad placement. If opt-out adoption hits even 15-20% of MAU, you're looking at a 200-400bps margin compression on that cohort's ad revenue.

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