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).