There’s a piece doing the rounds this week claiming Meta is dying. The comments underneath it are, predictably, a mess. Half the people are dunking on the headline without reading past it. The other half are pointing out, correctly, that a company pulling $200 billion in annual ad revenue is not exactly on life support.

Both groups are sort of right, which is the annoying thing.

The article isn’t really claiming Zuckerberg will be selling pencils on Swanston Street by Christmas. The actual argument is quieter and more interesting than that: that Meta is showing the early signs of a slow institutional rot. Turning the screws on advertisers. Cramming more ads into already bloated feeds. Daily active users down for the first time, even if only by a couple of million and even if Meta blames it on Iranian traffic. The argument is that these are the moves of a company that has stopped growing and started harvesting.

An Italian court just ruled that Netflix unlawfully increased its prices, and consumers could be looking at refunds of up to 500 euros. Netflix, predictably, said they’ll appeal. And somewhere in a boardroom, I imagine a very expensive suit nodded slowly and said “of course we will.”

The online discussion this sparked has been fascinating — and honestly, a bit cathartic. Because a lot of us have been quietly stewing about this for years.