The Margin Machine: Reddit Scales Extremely Profitably. Evercore ISI Sees Over 30% Upside Potential Despite Valuation.

The stock of Reddit (RDDT) is becoming increasingly significant in the context of the AI era. The company is evolving into an indispensable raw material supplier for artificial intelligence while positioning itself as a validation instance for human content. In a time when AI models can lose quality due to training with synthetic data ("Model Collapse”), Reddit offers something unique: nearly two decades of authentic, human conversation. Thus, the platform acts as a kind of "human corrective” on the internet. The central competitive advantage...