{
}
Mara Holdings faced a decline but found support at its 21-day line, while Hut 8 dropped after reaching a high not seen since April 2022. In contrast, China stocks surged on government fiscal policy news, with Alibaba and Trip.com hitting new highs. Interpublic Group soared on an acquisition announcement, while Agios Pharmaceuticals plummeted due to adverse treatment effects.
Reddit is testing a new AI-powered feature called Reddit Answers, designed to help users quickly find information from posts on the platform. Available to a small segment of U.S. users, the feature allows questions to be asked similarly to other AI services, providing answers sourced directly from Reddit content. This initiative aims to enhance user engagement and reduce reliance on Google for traffic, with plans for broader rollout and support for additional languages in the future.
Donald Trump has announced the appointment of David O. Sacks as the White House A.I. and Crypto Czar, emphasizing his focus on innovation and thoughtful regulation in these critical tech sectors. Sacks, a venture capitalist and former PayPal executive, is expected to advocate for startups while steering clear of broad regulations, aiming to enhance American competitiveness and safeguard free speech online. His close ties to far-right Republicans and support for Trump signal a strategic alignment with the administration's goals in technology policy.
David Sacks, a prominent entrepreneur and investor, has been appointed by Donald Trump as the White House AI and Crypto Czar. A Bitcoin holder since 2012, Sacks aims to regulate the crypto industry while advocating for a financial system independent of government control, emphasizing Bitcoin's potential as a non-fiat currency. He is also known for his close ties to Elon Musk and his role in various successful tech ventures, including PayPal and Craft Ventures.
Jim Cramer advises investors to take profits on soaring IPOs, particularly those like Reddit, which has seen its stock price more than double since its first post-IPO quarter. He emphasizes the importance of remaining grounded amid market exuberance and suggests selling portions of high-performing positions to mitigate risk. Cramer notes that the scarcity of new IPOs is contributing to inflated valuations, and warns that a market downturn could lead to significant losses if investors do not act prudently.
Australia has enacted a groundbreaking law banning social media for children under 16, setting a global precedent in regulating Big Tech. The legislation, which mandates age-verification measures, received bipartisan support and is set to take effect in November 2025. Companies like Facebook and TikTok face hefty fines for non-compliance, highlighting the government's commitment to protecting children's mental and physical health.
Reddit is intensifying its focus on international markets, particularly India and Brazil, to drive user growth and advertising revenue. With about half of its users located outside the U.S., the platform aims to enhance its appeal through AI-driven language translations and improved search features to better navigate content. The company sees significant potential in engaging local audiences, especially in rapidly growing markets like India, where topics such as cricket and Bollywood attract a large English-speaking user base.
ServiceTitan, a cloud software provider for contractors, has filed to go public on Nasdaq under the ticker "TTAN." The company reported a $35.7 million net loss on $193 million in revenue for the quarter ending July 31, with revenue growth of 24% year-over-year. Founded in 2007, ServiceTitan is shifting focus towards larger clients while competing with firms like Salesforce and SAP.
Reddit's shares surged 35% following a surprise profit in Q3, with revenue rising 68% to $348.4 million and a net income of $29.9 million. The company anticipates Q4 revenue between $385 million and $400 million, exceeding analyst expectations, while daily active users grew 47% to 97.2 million. Analysts praised Reddit's strong performance and structural improvements, likening its transformation post-IPO to a "Dr. Jekyll and Mr. Hyde" story.
Reddit celebrated its IPO on the NYSE, marking a profitable third quarter with a net income of $29.9 million, a significant turnaround from a loss last year. Alphabet also exceeded expectations, driven by a 35% revenue increase in its cloud division. Meanwhile, European banks reported strong profits, and markets showed mixed results amid concerns over Chinese EV stocks following new EU tariffs.
Reddit, Inc.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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