Yes, volatility. As usual. Israeli vote today, US midterms, UK budget, Hormuz noise. There always is. Markets are pricing that 24/7/365... The new doomerism treating AI crypto-hacking risks as the biggest problem on Earth is new fear mongering. Cryptography has been upgraded before. AI is already speeding medicine, science and maths along. Long arc is still up: far less extreme poverty, longer lives, better tools. Markets swing. Progress compounds. We'll keep building making tools for regular people (and machines) to make payments better, cheaper, faster.

AI is killing SEO traffic is not completely wrong, but definitely not completely right. I a new analysis of Similarweb data (10k domains, US + France, 3 years), I found Organic Search fell -13.2% in the US and 24.4% in France over the last 2 years. HOWEVER, not all of that is due to AI (Overviews). Paid Search has grown strongly over the same time horizon, probably due to more real estate in the SERPs and harder differentiation from organic results. Also, organic traffic losses are more concentrated in industries like publishing, which lost lost 41.5% in the US and 42.5% in France over the last 2 years. Lastly, Google's updates are aggressive and often reduce rank performance that can be, at least somewhat, recovered. So, as much as I see AI reducing clicks left and right, we should not throw the baby out with the bath water. Full analysis in the new Growth Memo.

We are also seeing designers make direct changes to the component libraries at Todoist. This makes both prototyping and implementation much faster. It's not hard to imagine Figma becoming an unnecessary middle layer for product design.

Something I'm paying more attention to lately: How sensitive Meta accounts are to frequent budget changes. In one account, repeated daily budget moves above roughly 10–15% were often followed by 2–3 days of weaker performance. In another large lead-gen account, more gradual weekly scaling worked materially better than aggressive increases. Not saying this is universal. But I think too many media buyers still treat budget changes as operationally free. They aren't. The bigger and more mature the account, the more careful I'd be about constantly forcing the system to re-adjust.

New from OpenRouter: 7-day average token volume for Anthropic models is up 3.6x since the launch of Opus 5.5 Sonnet 5.5 and Haiku 5.5 have also been well received.

Every week I see more and more examples of exactly this. Saas is alive and well. Your vibe coded version of a product is not the same thing as that product. And as token costs go up, it’s only getting more expensive.