Ben Smith, your latest piece for Semaphore is titled How Trump's Politics Returned to EARTH AND IN IT YOU WRITE IN PART, TRUMP'S POLITICAL STANDING WHICH HAS EVOLVED OVER JUST A FEW MONTHS FROM DOMINANT TO DESPERATE IS A GOOD REMINDER OF A FEW THINGS CONVENTIONAL WISDOM HAS GOTTEN WRONG. REMEMBER THE DEEP FAKE, PANIC. LAST YEAR MANY WERE CONVINCED AMERICAN POLITICS WOULD BE DESTABILIZED BY VIDEOS MANIPULATED BY ARTIFICIAL INTELLIGENCE OR LULLED INTO A POST-TRUTH STUPOR BY AI SLOP.BUT IT TURNS OUT THAT THE P ...

Core Insights - The rise of AI chatbots is significantly impacting online media revenue, with Google AI tools reducing traffic to content providers [1][2][3] - Reddit is positioned to potentially benefit from these changes due to its user-generated content and partnerships with Google [4][22] Industry Impact - Online publishers are experiencing a decline in traffic and revenue, leading to staff cuts; for example, Business Insider reduced its workforce by 21% [2][4] - Google's introduction of AI summaries and AI Mode is causing a substantial drop in organic search traffic, with Business Insider's traffic falling by 55% from April 2022 to April 2025 [3][11] - AI Overviews are reducing traffic to websites by 30% to 70%, with 60% of Google searches ending without a click on any links [14][12] Reddit's Position - Reddit's stock has increased by 191% since going public in March 2024, with Q1 2025 revenue rising 61% to $392 million, exceeding expectations [18][24] - Reddit has launched AI-powered marketing tools to enhance advertising effectiveness and is focusing on converting logged-out users to logged-in accounts for better ad revenue [20][22] - Despite its positive outlook, Reddit faces challenges from macroeconomic uncertainty and the complexity of its relationship with Google [21][22] Analyst Perspectives - Analysts are divided on Reddit's future, with some expressing concerns about the high percentage of logged-out users affecting revenue potential; one analyst lowered the price target from $168 to $115 [24][23] - The average price target among 23 Wall Street analysts suggests a 25% upside if Reddit meets expectations [24]