AI training data at $RDDT

Reddit’s CEO publicly stated AI licensing negotiations are “complex,” implying active discussions with major AI firms. A usage-based licensing deal would create a recurring, high-margin revenue stream beyond ads, potentially re-rating RDDT. If licensing revenue materializes, RDDT looks undervalued; market has not fully priced in this optionality. Deal may not close, terms could be weak, or Google/OpenAI could reduce reliance on Reddit data. No other actionable trade ideas in this post.