Google objects to this characterization. A spokesperson calls it a "cherry-picked" line from the filing that has been misconstrued. Google's position is that the entire passage is referring to open-web advertising rather than the open web itself. "Investments in non-open web display advertising like connected TV and retail media are growing at the expense of those in open web display advertising," says Google.
Bullock downgraded the stock after reviewing web traffic trends by channel. He noted that SEO-driven visits fell 23.5% year-over-year in the second quarter of 2025, with the decline worsening to 25.3% in July, likely due to Google's broader rollout of AI Overviews. Since less than 30% of signups come from Google, he built a framework using Similarweb data to gauge growth impact.
Search is changing fast - and so is how people discover content online. AI-driven tools like ChatGPT are cutting into traditional website traffic, pushing businesses to rethink how they design and optimize their digital presence. I saw this shift up close during a recent website redesign and brand refresh. In the past, redesigning a site meant focusing on user experience, brand storytelling, tailored content and SEO. This time, another factor came into play: large language model optimization (LLMO).
