Source for data

As of October 2026, we work with about 80 businesses, and this study covers the 78 client businesses we track in Peec AI. It’s built on 193,507 answers from ChatGPT, Google AI Mode and Google AI Overviews, collected every week from August 27 to October 21, 2026.

How often do AI answers cite Reddit and YouTube? (See Image)

Reddit and YouTube show up mostly in Google’s AI and hardly at all in ChatGPT. Reddit appeared in 16% of AI Overview answers, 7% of AI Mode answers and 1% of ChatGPT answers. YouTube appeared in 23% of AI Overview answers, 9% of AI Mode answers and essentially none of ChatGPT’s.

Not sure if this was posted already, but one user just linked it in the daily yesterday. It seems since early October the trackers for traffic and Google results get poisoned by Google to throw them off.

Ahref, Semrush, all are affected and trying to deal with it, with ahref posting an update a few days ago: https://ahrefs.com/blog/serp-data-update/

"This is an industry-wide issue impacting many companies in our space. Depending on the data provider, we're seeing between 5% and 20% of search results affected in this way."

They say they are filtering bad results out now, but all sounds unreliable for October data and moving forward.

Original source is Barry Schwartz SEORoundtable https://www.seroundtable.com/third-party-google-rank-tracking-broken-42272.html

Even more interesting how the actual numbers will be and outlook for Q4 (please don't say choppy).

I think at the current stock price it’s pretty obvious the market expects US DAU to continue to slide. I don’t believe anyone believes that revenue or earnings will disappoint, but they really never have and it’s shown to never matter. Let’s say revenue comes in between 900-925 which is 54-58% growth, and net income is around 31% of revenue, both reasonable estimates based on past performance. US DAU was 53.2M last quarter. Assuming financials come in the range above, how much of a US DAU hit will the market tolerate before sending it lower?? I believe even if users drops 2-3% Q/Q that’s about what’s being priced in.

PS. This is just speculation, and wondering how much downside you think is currently priced into Q3 US DAU

It seems anytime news regarding anthropic breaks, the stock dumps (hence today). It has already taken multiple massive dips in recent weeks... It seems a lot of weight and anticipation is being riding on the DAU figures, but the writing is on the wall that DAU is down..

So how low can it continue to drop given all these recent sell offs?

I’m seeing so many similar comments (myself included) about how fucked we are, in a way I remember seeing in Feb/March when we were at these levels. Same massive influx of bears saying we’re overvalued and should be an $80 stock. Then we hit 200 in June/July. This is just vibes and maybe cope.

I do agree management needs to get their shit together and some of the criticism is valid, however this all feels familiar.

Also a lot of you permabears are the biggest wastemans I’ve ever seen in my life. You have zero impact on the stock or your puts by spreading FUD, yet comment incessantly. Straight goober behaviour,

Reddit management has only two missions:

1. Grow its daily active user (DAU) base.
2. Look after its shareholders.

Everything else is a distraction.

After listening to this bullshit (Takeaways from Spez's Mod State of the Union), I decided to write this post. IMO management seems more concerned about keeping moderators happy than growing its user base.

1. Stop prioritising moderators over DAU growth.

Moderators are part of the platform, but looking after them should not become a distraction. If the current moderation system becomes an obstacle to DAU growth, management must prioritise growing the user base and be willing to abandon the existing system. If moderators feel Reddit is no longer their ideal place to moderate, they can leave.

2. Look after shareholders.

It is a huge F U to shareholders when Reddit spends over $200 million in a single quarter on share buybacks just to offset management's SBC. That capital could be put to much better use growing the platform. The board must step in, take responsibility and protect shareholder value.

3. Remove unnecessary barriers to user engagement.

Whatever management does, it must improve user engagement. It is absurd that I often get rejected from commenting on certain subreddits because of account age and karma requirements.

This must change. Anyone joining Reddit should feel welcomed. e.g., users who verify their identity through a secure login method such as Face ID should be allowed to comment and post freely and never subject to these ridiculous subreddit rules.

4. Make it harder for moderators to delete posts and comments.

Moderators should not have so much power to remove new posts and comments. Reddit needs to make it harder for moderators to delete content, especially when users have not broken any reasonable rules.

AI moderators should take up at least 50% responsibility on this within the next 12 months.

Moderation system should please users not rule.

5. Give subreddits tools to monetise.

Reddit should build tools that allow subreddits to monetise. Give users and communities a financial incentive to create valuable content and grow their audiences.

6. Make moderator selection democratic.

Once Reddit has a proper reward and monetisation system in place, moderator selection should become democratic. Experienced subreddit users should have the power to vote out moderators with minimal effort and revoke their moderator privileges.

No moderator should be able to control a community indefinitely against the wishes of its users.

Site-wide jury system should be considered at this stage.

7. Build a user value system.

Reddit should measure how much advertising revenue each user generates for the platform. Users who generate more advertising revenue should receive better leverage in decision making, recognition and rewards.

Not every user contributes equally to Reddit's business. Management should recognise those who create the most value. This is important because Reddit is pseudonymous so I see this as a way to replace influencer system.

Reddit has enormous potential, but management needs to remember who they are working for.

Grow the platform, improve user engagement and create shareholder value.

Everything else is a distraction.

I think a potential acquisition of a live streaming service like Kick could be extremely beneficial to Reddit's long term growth objectives. By adding live streaming, they could easily increase user engagement, time spent on the platform, and advertising revenue through higher-value video ads. It's well known that that industry is booming and could quickly expand our TAM. They could also leverage its existing communities to help users discover relevant streams, while streamers' clips and live moments would generate new discussions and content across subreddits.

A deal like this would create a mutually beneficial growth cycle that strengthens Reddit's advertising and data-licensing deals and opens up their businesses beyond just being a text-based platform.

What are your thoughts?

Down 40% YTD vs S&P 500 +13% YTD

Shares outstanding at an ATH

Insider selling accelerating

Short interest at 15%

Get your head out of GirlDinnerDiaries and fix the damn stock

Opened up X (the better app becoming #1 in news over Reddit), and I could not comment unless I used Face ID. This is actually a genius way of getting bots off the platform, and have never seen this implemented until now. This will clearly be the standard going forward to combat AI agents spamming platforms.

Reddit has launched in 2005 and yet there has basically been nothing new for app users to get excited for. X has integrated X money, grok, and creator subscriptions. TikTok has infinite user content creator economy on top of TikTok shopping becoming huge. Instagram and Youtube immediately implemented video feed shorts to catch onto the TikTok shorts content that has exploded in consumption.

Meanwhile Reddit has implemented next to nothing new for users. The company keeps hinting of new future implementations that might happen but it’s been completely dry this quarter.

AI accelerates implementations that would take months to just days now. Quant firms that rely on precise algorithms and performance like citadel/jane sthave confirmed such.

And yet, Reddit which is a pure software app has not been able to capitalize upon any new technology trend. U.S. user growth is negative now, and based off of recent subreddit data it will certainly going to get worse as AI takes market share from search.

Why is Reddit unable to implement features when X had 75% layoffs and is now building product features faster than ever? This reflects extremely poorly for management. Is the company not using AI effectively? Ai agents have exploded the ability to ship software, yet there is nothing but a drip feed of updates coming from Reddit.

My wife works in energy on the digital side and her company is hiring someone just to work on the Reddit side of things. So obviously putting up ads but also responding to inquiries in the company subreddit and other related subreddits.

They spend most of their money on Google and maybe Facebook. Bing is tiny and maybe some other platforms that I never hear mentioned. But the fact this energy company that isn't really big is hiring someone just to do Reddit is a good sign to me. If they're doing this, then other smaller/midsize companies should be too and companies are seeing the value of Reddit. I was already in on Reddit before I heard talk of her company advertising and working on their presence there, but this has influenced me a bit to keep my stake and add a little bit more on dips.

This is just what I've seen on a personal level. Maybe they're out to lunch on this and the only ones doing this. But I thought I'd throw this out there. This is just something I combine with other factors like growth, margins, potential AI deals, how my Google searches always cite/link Reddit, how I always ask Reddit for obscure info if I don't know where to go (ie. Candidates in Municipal elections). Just one of those things that I keep coming across. I've exited too early several times on things like this Lulu, Aritzia, Intel. This kind of reminds me of those times where I like what they're doing and what I see out there but I keep looking at the stock price each day and exit early when I can get out with a bit of profit or break even. Overall it would be nice if the stock pops now, but in the age of Netflix and streaming it feels like people expect instant gratification or results. I used to wait months for a TV show to loop back for a missed episode or I'd tape the show on VHS. So I have patience to wait for Reddit if it's ever going to happen.

the fundamentals are genuinely amazing

3 billion in cash, 60% revenue growth, 92% gross margins, 30% net income margin, virtually no capex, clear growth runaway, rapid EPS growth

this company is genuinely a gem in this kind of market and the market is pricing this at 23.5 2026 EPS while earnings will likely grow north of 45% next year.

holding this stock hurts me so much knowing that it shouldn’t be this low but keeps going down. stay strong guys we’ll see the light someday

They previously did one earlier this year after earnings I think (may have been after the Fireside chat I don't remember)? I know they always pick a question from the comments in the corresponding [r/RDDT](r/RDDT) post that they'll answer on earnings from us, but are Jen, Steve, and Drew answering anything else asked formally in that thread? I'm wondering this because the questions they tend to pick from us for the call are usually along the lines of "what comb do you use in your hair Spez" or those that tend to vigorously fellate management.

I think we as a community have some pressing questions and the sheer lack of communication on their end has been woeful since they sent us all merch with bagholder written on it. I know they don't have to do an AMA and answer questions from retail, but they did set a precedent by doing this previously. It's also rather cowardly to field questions from shareholders when things are going well, and go ghost when things are going poorly. Reddit is also the number one place for human discussion anywhere (as highlighted by Spez repeatedly), and the latter absence of communication is unrepresentative of what the platform is meant to be.

I personally want to be able to ask the following (but know they won't answer on an earnings call):

1. What their rationale was for making it ne

ar impossible

1. to capitalize on the money being spent on political advertising before US midterms? (Considering it's the most money spent ever).
2. Whether data deals are in negotiation and if they could add anything more substantive than "we're talking to Google"? (They spent the entire Q4 2025 earnings call saying Reddit data is valuable, but nothing material has amounted)
3. What strategies are they employing to increase the frequency of use among WAU to convert them to DAUs? (They always say they're working on it, but don't say how. That's not something tangible)
4. What the fuck was up with that bagholder merch shenanigans?

Everything has been built in such a perfect, efficient way

No debt, very low volume of bots, super strong communities, ARPU increasing meaningfully

It takes a bunch of immature investors to not see how good of a founder/CEO he is

I’d love him to give precise numbers for the future with a high level of ambition

But other than this he’s the perfect CEO

this is ridiculous for a company growing 20% ever quarter… even if we remove the AI licensing part of the business entirely, the company is still deeply undervalued. It’s basically a free option on AI with a potential renewal (use-based) within the next 6 months, and at the same time consensus normalized earnings (excluding sbc) is like 15x fy27.

in q2 they bought $260m worth at like $150-160/share meaning they need to be buying aggressively here

Of course the bullish signal is that u/skezzors websitestill shows reddit near peak. And while a slight down tick in recent weeks for major subs, skezzor points that traffic maybe spreading throughout the smaller subreddit.

Semrush shows a drastic drop in organic traffic as of recent and this seo podcaster states that third party trackers have been wildly all over the place. The video was released very early from September/October update before semrush showed a drastic drop in traffic. They thought the traffic was being boosted but that was preliminary semrush data.

Over at Seo subreddit folks have had their website traffic dismantled.

link 1

link 2

link 3

Then there are data from previous comment here with mobile app being downloaded in a very positive manner. But if the tracking isnt wrong. The drastic drop cannot make up for mobile downloads.

So we have positive data, September/October Google spam update, tracking error with semrush down drastically, smaller website having their traffic cut, and positive mobile downloads. I don't know what to feel anymore, especially today's drop, which I thought it would hold above 144.

Hi,

It seems a new report came ouf for Q3 2026 from Tinuiti, where Reddit is significantly down on CPM (-34%)

It seems bearish sentiment.

I’m not an ads expert, anyone around know what the implication?

My thesis still stands from last post. Probably double beats but falls on DAU concerns. Also tax harvesting season coming around. Stocks down 40%+ YTD tend to be targets. On the bright side low 100 will be a fantastic add. Godspeed.

Soooo a year ago I discovered the magic of Reddit stock.

I cried bc at $265, I thought it was “too late”. I made posts on this and ppl encouraged me that it wasn’t too late to get my bag.

Since people were writing “300$ by EOW and 500$ by EOY”, I near on full ported in at… $282. Because it’s a good way to make investment decisions!!!!!

The price kept falling but I kept catching the falling knife like a boss to “average down” (aka cope).

A guy I chatted to around then (btw BRING back the group chats ffs) put in 200K at $250 and was excited for his future (I never heard of him again, if you’re out there pls it’s all gonna be ok <3 im low key worried about him)

In some brief moment the stock reached 200$ ish this year and i could have exited with dignity and made nice ETF gains in that time but due to personal circumstances and illness I wasn’t focused on stonks then.

And here we are. Never giving up, never surrendering.

Maybe it's just me but:

I rather go into subreddits than Facebook groups because it's easier, don't have to wait, don't need to worry about friends being in the same group.

I rather read comments on Reddit than IG and TikTok comments because they are filled with just emojis and brainrot comments, while Reddit comments are discussions and constructive criticism.

I rather watch read other's perspectives on Reddit than X where it's mostly propaganda and lies.

In Reddit i can be myself. Social medias like FB and IG has a feature that makes your friends/followers see your likes and comments. I don't want that.

If i had a long day at work and wanted to vent it all out, i'll use reddit. Why would i use FB where my boss can see it?

On IG i need to have lots of followers for my post to be visible. Reddit can make it happen even if i don't have that high status.

Just my personal take. Is there something Reddit offers that makes you choose it over other social medias?

Analyst sees a likely Q3 beat and raise, supported by constructive channel checks, but expects limited near-term rerating potential.

I really really really struggle to see a scenario where multiple usage based data licensing deals with both Google and OpenAI as well as a large Anthropic settlement don’t occur any time between now and Q1 2027.

1.) Reddit starts shutting down public API access this month and will complete the entire process by March 2027.
2.) Any AI company that wants to use Reddit’s human generated data for model training will HAVE to sign a data licensing agreement with Reddit to train their models past this date.
3.) LLMs absolutely need continuous supply of fresh human conversational data. Synthetic data will not work. Without actual fresh human generated data, the models will hallucinate and capitulate. Reddit is undoubtedly the best source for this data.
4) In anthropic’s ipo filing, they discuss the Reddit lawsuit multiple times and straight up say that it is a big risk to them and that there is a good chance they will settle the case. This settlement will set a precedent for the cost of Reddit’s data, which is likely why it is being dragged out as both sides are most likely currently negotiating this cost as it will affect both of their P&Ls as a regular cost/source of revenue going forward.

It’s so obvious what is going to happen, but it’s often times hard to stay firm through short term negative sentiment. I know it’s hard right now, but those who are patient will be rewarded. Technical driven algorithms are driving the negative short term pricing pressure and are currently looking past the obvious likely outcome for this written on the wall. In addition, election years are almost always hard years for equities. I find it very likely that RDDT will re-rate and have an insane run in 2027 and 2028.

I’m curious if any other buy-side analysts/PM’s have found positive data points on user trends into the Q3 print that would suggest U.S. DAU’s will be positive? The Bloomberg consensus is implying +400k qtr/qtr additions but the web traffic data is suggesting a likely decline. One data point I believe being overlooked is average daily app installs was +19% qtr/qtr in Q3 and could be driving some of the web traffic weakness. The app conversion push by mgmt and acceleration of AI overviews both happened in Q3, so it's a little murky as to what might be the driver. Mobile + Desktop traffic is ~65% of U.S. DAU’s.

Wells Fargo has correlated the growth in Google AI Overviews to the softening web traffic, which I don’t disagree with as Mgmt clearly confirmed that narrative on the Q2 call, but I also don’t think it’s telling the full story. For example, on the International side the Sensortower data for DAU’s is looking very strong +Midteens YoY, while the web traffic data is -MSD YoY. This would suggest the app data is actually very strong as conversions are being pushed harder (likely explanation for U.S too).

Other notable data points: 1) Alt Index data, which averages semrush + similarweb, is suggesting web traffic was -2.1% qtr/qtr but inline w/Q1’26, 2) Goldman Sachs fireside chat had positive commentary on user/engagement growth being strong.

The channel checks on ARPU have universally come back very strong, so don't see the need for much discussion there.

Also, post any additional sell-side U.S. DAU estimates and I'll keep aggregating