Good morning & happy Monday! Today, we're diving deep into Alphabet's and Reddit's Q3 earnings, which wiped out more than $500B of market value in just 2 days, to see what they reveal about who makes money on the internet now that AI answers keep the clicks Google used to send to websites, and what founders, operators & investors should do about it (what actually broke in both earnings reports, why the traffic isn't moving to ChatGPT, the new value chain of an answer-first internet, 5 rules for the economy after the click, playbooks for AI founders, traffic businesses & investors, & the 12-month watchlist that shows which future is winning + bonus deep dives into Why AI Agents Will Make Better Products Win [according to Stripe CEO], a16z's State of Markets 2026: The AI Playbook for Founders and Investors, & more inside). So let's jump straight into the paradigm-defining stuff '' Following the money ' On October 29, Alphabet GOOGL 0.00%' had the worst day in its history as a public...
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