Alphabet Gains as Reddit Slumps on Traffic Risk

Alphabet rose about 6% while Reddit fell roughly 23% after Reddit beat Q2 estimates but warned that Google search referrals were choppy and traffic volatile. Reddit posted $805 million in Q2 revenue and $1.25 EPS and guided Q3 revenue to $860–$870 million with $385–$395 million EBITDA; daily active users reached 130.3 million (up 18% YoY) but US DAU slipped to 53.2 million, with no new AI data-licensing deal announced. The split highlights how AI infrastructure winners are diverging from traffic‑dependent content platforms, a dynamic investors should watch in social media and related ETFs like SOCL.