原文：
Was a sad few months for $RDDT. But glad it's finally back above $200.
Reddit was doing:
- $663M revenue w/ 91.5% gross margins
- $204M GAAP net income
- 45%+ fwd Y/Y growth after 69%+ growth.
- Net profit is ~30.7% of revenue
Felt very weird to see a profitable company get dragged down after earnings.
But in hindsight, given the increase hyperscaler capex, the drop felt more like it's more relative opportunity cost more than fundamentals?
Since a lot of inflow poured into $MU / Sk Hynix that are bottlenecked into 2029. Or with laser bottlenecks like $LITE that last into 2029 as well.
Same thing happens in reverse after selloffs ig, even if fundamentals didn't change.
Been seeing a lot of noise with memory optimization or Chinese players... but don't quite think you sign 16T+ LTAs if memory was getting flooded or not used anytime soon.
Same with optical players... if in earnings, they state anything they make gets bought, I don't quite think a lot of the noise has material effect on their fundamentals.
Regardless, nice to see some recovery with familiar faces like $HOOD, $HIMS, and $RDDT though.
翻译：
过去几个月对 $RDDT 来说很艰难，但很高兴它终于回到了 200 美元以上。
Reddit 的表现为：
- 663 亿美元收入，毛利率为 91.5%
- 2.04 亿美元 GAAP 净利润
- 未来一年同比增长率超过 45%，之前增长率超过 69%。
- 净利润约占收入的 30.7%
看到一家盈利的公司在发布财报后被拖累下来感觉很奇怪。
但回想起来，考虑到超大规模资本支出增加，下跌可能更多的是相对机会成本的问题，而不是基本面问题？
因为大量资金流入了 $MU 和 Sk Hynix，这些公司的产能瓶颈将持续到 2029 年。或者像 $LITE 这样的公司，激光器瓶颈也将持续到 2029 年。
同样的事情在抛售后会以相反的方式发生，即使基本面没有改变。
我看到很多关于内存优化或中国玩家的噪音，但我不认为如果内存即将被淹没或不久后就会被使用，那么就会签署 16T+ 长期协议。
对于光学玩家来说，如果他们在财报中表示他们生产的所有产品都被购买，我不认为很多噪音会对他们的基本面产生重大影响。
无论如何，看到 $HOOD、$HIMS 和 $RDDT 等熟悉的面孔出现一些恢复还是很好的。
Was a sad few months for $RDDT. But glad it's finally back above $200.
Reddit was doing:
- $663M revenue w/ 91.5% gross margins
- $204M GAAP net income
- 45%+ fwd Y/Y growth after 69%+ growth.
- Net profit is ~30.7% of revenue
Felt very weird to see a profitable company get dragged down after earnings.
But in hindsight, given the increase hyperscaler capex, the drop felt more like it's more relative opportunity cost more than fundamentals?
Since a lot of inflow poured into $MU / Sk Hynix that are bottlenecked into 2029. Or with laser bottlenecks like $LITE that last into 2029 as well.
Same thing happens in reverse after selloffs ig, even if fundamentals didn't change.
Been seeing a lot of noise with memory optimization or Chinese players... but don't quite think you sign 16T+ LTAs if memory was getting flooded or not used anytime soon.
Same with optical players... if in earnings, they state anything they make gets bought, I don't quite think a lot of the noise has material effect on their fundamentals.
Regardless, nice to see some recovery with familiar faces like $HOOD, $HIMS, and $RDDT though.
翻译：
过去几个月对 $RDDT 来说很艰难，但很高兴它终于回到了 200 美元以上。
Reddit 的表现为：
- 663 亿美元收入，毛利率为 91.5%
- 2.04 亿美元 GAAP 净利润
- 未来一年同比增长率超过 45%，之前增长率超过 69%。
- 净利润约占收入的 30.7%
看到一家盈利的公司在发布财报后被拖累下来感觉很奇怪。
但回想起来，考虑到超大规模资本支出增加，下跌可能更多的是相对机会成本的问题，而不是基本面问题？
因为大量资金流入了 $MU 和 Sk Hynix，这些公司的产能瓶颈将持续到 2029 年。或者像 $LITE 这样的公司，激光器瓶颈也将持续到 2029 年。
同样的事情在抛售后会以相反的方式发生，即使基本面没有改变。
我看到很多关于内存优化或中国玩家的噪音，但我不认为如果内存即将被淹没或不久后就会被使用，那么就会签署 16T+ 长期协议。
对于光学玩家来说，如果他们在财报中表示他们生产的所有产品都被购买，我不认为很多噪音会对他们的基本面产生重大影响。
无论如何，看到 $HOOD、$HIMS 和 $RDDT 等熟悉的面孔出现一些恢复还是很好的。
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