Reddit just showed what AI is doing to the internet. It lost over $7 BILLION in a day after warning Google's AI is cutting its traffic. Its stock closed down 29.2% on Friday, its worst day ever, and is now down 41% in eight straight sessions. The reason came out on its earnings call. CEO Steve Huffman said Google's bots are still reading Reddit's pages as much as ever. But instead of sending people to Reddit, Google's AI Mode now answers their questions directly. He said AI Mode doesn't drive traffic to Reddit, or to anyone else as far as he knows. Reddit lost over 1 MILLION visits a week from search in October. It now warns its daily users could fall by a low double digit percentage this quarter if the decline continues. And it isn't just Reddit. Chegg has lost over 99% of its value since 2021. Stack Overflow's monthly questions fell from over 200,000 at their peak to just 3,862 last December. For over 25 years, Google was how people found the rest of the internet, and that era may now be ending.