USCA11 Case: 21-12355 18 Date Filed: 05/23/2022 Opinion of the Court Page: 18 of 67 21-12355 In assessing whether the Act likely violates the First Amendment, we must initially consider whether it triggers First Amendment scrutiny in the first place—i.e., whether it regulates “speech” within the meaning of the Amendment at all. See Coral Ridge Ministries Media, Inc. v. Amazon.com, Inc., 6 F.4th 1247, 1254 (11th Cir. 2021). In other words, we must determine whether social-media platforms engage in First-Amendment-protected activity. If they do, we must then proceed to determine what level of scrutiny applies and whether the Act’s provisions survive that scrutiny. See Fort Lauderdale Food Not Bombs v. City of Fort Lauderdale, 11 F.4th 1266, 1291 (11th Cir. 2021) (“FLFNB II”). For reasons we will explain in the balance of the opinion, we hold as follows: (1) S.B. 7072 triggers First Amendment scrutiny because it restricts social-media platforms’ exercise of editorial judgment and requires them to make certain disclosures; (2) strict scrutiny applies to some of the Act’s content-moderation restrictions while intermediate scrutiny applies to others; (3) the Act’s disclosure provisions should be assessed under the standard articulated in Zauderer v. Office of Disciplinary Counsel, 471 U.S. 626 (1985); (4) it is substantially likely that the Act’s content-moderation restrictions will not survive even intermediate scrutiny; (5) it is also substantially likely that the requirement that platforms provide a “thorough rationale” for each content-moderation decision will not survive under Zauderer; (6) it is not substantially likely that the Act’s remaining disclosure provisions are unconstitutional; and (7) the preliminary-injunction factors favor enjoining