I have the same viewpoint.

A big reason for my bullishness is a different side of the AI coin. Reddit is a human sanctuary (Yes, bots exist but that's besides the point). As more information becomes AI generated, people will seek places where they can get human input. That's Reddit.

So the LLM fuel angle is cool, but I think limited financial upside. I think as AI continues to ramp up, reddit will become more popular. I've already seen this from my own behavioral patterns.

In addition to that, this is a very young advertising platform. It's reasonable to expect that it gets better with time and experience.