App intelligence firm Appfigures published a report finding that image-model launches drive 6.5 times more app downloads than chatbot upgrades. Google's Nano Banana added 22 million downloads to Gemini in 28 days. ChatGPT's image generator added 12 million. The findings were widely reported as evidence that image AI is the new top of the funnel for consumer AI products.

The revenue numbers, in the same report, told a different story. Nano Banana generated $181,000 in consumer spending over the same window. ChatGPT generated $70 million. Meta AI generated effectively nothing.

The Startup Founder opens by celebrating the download numbers as proof that distribution is unlocked. The panel works through what that framing leaves out. The Burnt-Out SRE walks through what 22 million installs in a month actually looks like at the infrastructur ...