[jmalicki]

Wouldn't it have to have a negative effect on the security to be securities fraud? Causing an investor loss is a key point of securities fraud.

"We made a ton more money with ads and the stock went up" lacks that key element of fraud?

[nkrisc]

Investors who bought an artificially inflated stock would be harmed.

[jamiequint]

How would the stock be harmed by them selling better performing or more relevant ads?

[bee_rider]

I don’t know that there were any promises anyway. But if there were, then an investor could have plausibly believed that that was a better long-term business model.

It’s early days for these LLM hosts, maybe investors could be worried about taking the really annoying business notes before users are properly addicted.