Why the fuck is Netflix down 40% over the past year?

Netflix is down over 40% from its highs in the summer of 2025. I don’t understand how the company is 40% less valuable than it was last year, like what has actually changed since then? People still watch Netflix every day and they still make plenty of money from it. I seriously don’t think that they are worth 40% less now than last year when everything functions the same and there are going to be plenty of new shows and seasons in the coming years that people are garenteed to watch. I think it’s

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