In an era marked by the pervasive influence of digital media and artificial intelligence, the category of “reality” has undergone a profound transformation. This article explores the contemporary crisis of the sense of reality by examining three interrelated phenomena: the hybridization of reality’s regimes, the erosion of common sense, and the centrality of indexicality in meaning–making. The first section traces the evolution of media — from traditional television to AI–generated content — showing how the boundaries between truth, fiction, and simulation have become increasingly porous. The second section addresses the collapse of common sense as a shared framework for evaluating plausibility and appropriateness in mediated discourse, drawing on emblematic cases such as deepfakes and viral political videos. Finally, the discussion of indexicality foregrounds the necessity of contextual interpretation in a media environment dominated by decontextualized and re–mediated texts.