Reddit CEO 称 Google AI Mode 不为任何网站导流，Reddit 股价在强劲财报下仍跌超 25%
Google's AI Mode doesn't drive traffic "for anybody," Reddit CEO Huffman warns the entire web
- 1Reddit 股价在强劲财报下仍跌超 25%，CEO 称每周流失超 100 万 Google 搜索访问
- 2Huffman 称 AI Mode 不为任何网站带来流量，这是 Google 工作方式的根本转变
- 3Reddit 称平台需求未变，是 Google 停止导流，正测试美国以外登录墙以抑制抓取
- 4与 AI 厂商的数据授权谈判继续，但已靠 Google 协议大幅获利的 Reddit 未必再签新约
AI 搜索让 Google 从流量分发方变成流量截留方，依赖搜索获客的网站面临的是结构性冲击而非单点事件。
- 影响：依赖 Google 搜索获客的内容、媒体与电商业务需重算流量与获客成本，风险是行业性的；内容平台会更倾向登录墙、数据授权等封闭策略，开放网页的整体可见度下降；Reddit 财报强劲股价仍跌超 25%，说明资本市场已在为这一风险定价。
- 参考：可先盘点自家流量中来自 Google 搜索的占比，按周监测 AI Overviews 覆盖后的变化；值得评估邮件、App、登录社区等直连用户渠道的布局；内容授权谈判可参考 Reddit 案例，把 AI 使用场景计入定价。
- 依据：流量流失数字与 AI Mode 不带流量的说法出自 Reddit CEO 公开表态，属当事方口径，暂无独立验证；股价跌幅为公开市场数据。
Oct 30, 2026
AI Mode has tanked not just Google's stock but Reddit's too. Shares dropped over 25 percent despite strong earnings, after CEO Steve Huffman revealed that Reddit lost more than one million Google search referrals per week in October. He blames AI Overviews and AI Mode: "AI Mode does not drive traffic. Not for us, and not to anybody as far as I know. That's just a fundamental shift in how Google works," Huffman said.
Reddit says demand for the platform hasn't changed, but Google simply stopped sending users there. In response, it's testing login walls outside the U.S. to curb scraping and reduce its dependence on the open web. Huffman sees it as a trade-off: less reach for deeper engagement. Data licensing talks with AI providers continue, though it's not certain that Reddit, which already had a deal with Google and massively profited from it, will close further ones.
What's hitting Reddit is a warning for the entire web. Any business that depends on Google for traffic faces the same structural risk.
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来源：The Decoder：AI News · the-decoder.com