Reddit (RDDT)

The sleeper story is Reddit's quiet abandonment of the logged-in/logged-out distinction - the one metric that actually showed monetization quality. When they 'phase out' reporting the metric that proves their ability to convert users into higher-value cohorts, that's not simplification, that's hiding a problem. The obvious headline is 70% revenue growth, but the binding constraint is their admission they can't monetize search with 80M weekly users and they're 'still quarters out' from onboarding new Max customers. As Huffman said, 'Reddit is the most human place on the Internet' - but when growth companies announce $1B buybacks while claiming M&A is priority #2, they're admitting they can't find better uses for capital. My view changes if they provide specific logged-in conversion rates and search monetization timelines in Q1, proving this isn't a transparency reduction but a genuine product evolution.