Here's @mmasnick with this very good post-ruling analysis. https://www.techdirt.com/2023/03/27/publishers-get-one-step-closer-to-killing-libraries/
Basically Publishers and the Copyright Cartel are basically one win away from not only killing the @internetarchive but also #libraries as we know them. I and many others hope that the Second Circuit gets it right to keep this alive.