Reddit just had maybe the best quarter of any social platform this year... revenue up 61%, profit almost tripled, users up 18%. Stock dropped 20% anyway (it was down 23% at the lows, per CNBC). Why? Four words buried in the investor letter: "search referrals were choppy." That's it. That's the crash. Basically most new people find Reddit by googling stuff. And Google's AI now just answers the question right there on the results page, so nobody clicks through... so Wall Street ignored t
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