The market is being very stupid about Reddit's Q2 report, after its weakness in US DAUq combined with comments about 'choppy' search referral traffic. $RDDT This rising era of "Google Zero" (zero click-through) from AI search summaries has the market way too skittish here. Yes, US DAUq (daily uniques) retreated -300K sequentially. It means users that were using the site/app daily didn't engage every single day in the middle of summer. Those users are now likely in US WAUq (weekly uniques), which grew +700K. The market is forgetting that net new DAUq in Q2 is always seasonally weak. A sequential pullback like this has happened 6 times in 6 years, half of which were in a Q2. What I think is vastly more important as a gauge of Reddit's ongoing executional success is their +64% ad reven
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