• Tekedia Capital cited Cloudflare data showing AI crawlers extract far more pages than they send back as referrals, raising publisher revenue risks.
• Anthropic ranked the biggest outlier, with about 2,800 webpage requests per referral for July 1-7, down from roughly 8,800 in early April.
• Cloudflare flagged volatility, with Anthropic’s ratio hitting about 24,700-to-1 in the first week of May.
• OpenAI ranked second, ahead of Perplexity; Microsoft, Google posted lower ratios, while DuckDuckGo neared balance at about 1 referral per 3 crawls.
• The shift toward AI answers over outbound links threatens the ad-and-subscription model that historically funded web publishing.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Tekedia Capital LLC published the original content used to generate this news brief on July 10, 2026, and is solely responsible for the information contained therein.