RDDT's growth is over.

Google's AI overview is here to stay. Reddit hasn’t been able to significantly grow US DAU for 2.5 years now and this is an enormous and imo insurmountable headwind. 50% of traffic comes from Google. People that add “Reddit” to the end of their search query are likely DAU/WAU already anyway. I don’t see any compelling arguments that the US market isn’t already capped. It’s been long enough. Counter: Google's search traffic referrals are low intent!!! RDDT 40-50x PE was given due to sustained growth projections and even 10% slower growth changes the equation significantly.

**Quarter** |**US Logged-In DAUq**

**Q2 2024** |20.4M

**Q3 2024** |21.5M

**Q4 2024** |21.9M

**Q1 2025** |23.0M

**Q2 2025** |22.9M

**Q3 2025** |23.1M

**Q4 2025** |23.0M

**Q1 2026** |23.2M

**Q2 2026** |23.1M

Stagnant US DAU for 2 years straight at this point. US market growth is capped. All the global DAU growth is coming from India (extremely low margins and very poor country).…