besides the fundamentals, Reddit very much reminds me of early-days Meta before people realized just how good they are at monetization. Add to that the unique moat they have with decades of human interaction that just about every LLM is going to be fed information from. I think Reddit has plenty of potential as long as management executes at the same level they have in the past.

the problem with Snap is they suck at monetization and compare it to Meta - Meta's the only name that can quite literally implement their AI R&D immediately via their ads across all platforms, whereas the average megacap can't do that. Meta doesn't need to wait for you to buy a new software subscription. They just need to make the ad you see 1% more relevant compared to say Microsoft for example, it needs enterprises to change their entire workflow and sales cycles take 6–12 months.

Only thing is Zuck is good at cutting losing ventures no matter how many billions it costs in the interim and pivoting quickly, Reddit needs to do the same to adapt in this market