Half of America visits Reddit every week. But...

But $RDDT users aren't really Reddit's users. They land via Google, stay for 10 seconds, and leave.

120M DAUs look great on paper. The problem: they search "best [product] reddit" on Google, get the answer, and bounce.

Now AI summaries do the same thing without even sending you to Reddit.

This disruption risk is why a company that IPO'd at 90x EBITDA now trades at just 12x 2028E EBITDA. Extremely cheap for a business growing revenue at 34% CAGR.

But there's a bull case too.

Reddit's future may depend on its lawsuits against AI model developers. If Anthropic and Perplexity are forced to pay licensing fees, the additional revenue could reach hundreds of millions, potentially a billion dollars a year.

That alone could multiply the stock several times over.