Google and Reddit shares fall on the same day as AI search monetization struggles hit the open web

Alphabet fell 12.6% and Reddit dropped 15%. Google acknowledged that AI Mode monetizes worse than traditional search, while Reddit is pushing users to log in as search referral traffic declines.

Why it matters: Google's AI search sends less traffic out to the open web, and Reddit's login wall is a response. Sites tightening access raises data costs for search rivals.