Is RDDT undervalued, or am I just biased by the product?

I only started taking Reddit seriously recently. It's less performative than other apps, and in the topics I care about I actually find useful stuff. Everything is AI now, so finding something that feels real is harder than it should be. I checked RDDT on moomoo and the market cap is only around $28 billion. Some people still talk like this can 10x from here. I get the moat argument: the community is here, advertisers are here. What I can't feel from just scrolling is whether ad budgets keep rising, or whether they can keep the content under control. Am I only thinking the stock is cheap because I like the product?