Part 3: spend and traffic are telling two different stories.
In a16z's latest AI leaderboard, only one app dominated across all three measures - web traffic, mobile traffic, and consumer spend. Everyone else is strong in one lane and weak in the others. Big traffic with no revenue. Real revenue with modest traffic.
For anyone allocating budget or building in this space, that's the tell. The consumer AI market isn't one market. It's a traffic game, a subscription game, and an attention game being played by different players - and almost nobody is winning all three at once.
