<p><strong>Reddit, Inc.</strong> (NYSE: RDDT) 的股票今天承压，原因是受到了一记重击——周五的强劲就业报告让高倍增长股受到冲击，同时该股票也未能被纳入标普 500 指数，令期待这一变动的投资者感到失望。</p>
<h2>压力点</h2>
<p>周五的就业报告显示，5 月份新增 172,000 个就业岗位，超过了 80,000 的市场预期，推动 10 年期国债收益率超过 4.5%，几乎没有空间让美联储在短期内降息。这对像 Reddit 这样的高倍增长股票来说是坏消息，因为其估值严重依赖于未来降息的预期。</p>
<p>标普 500 的排除进一步加重了痛苦。许多在 Stocktwits 上的散户投资者曾猜测 Reddit 会在周五的重新平衡中最终入选——当这一情况没有发生时，股票在盘后交易中下跌。指数纳入将迫使被动基金自动购买该股票，从而提供显著且持续的需求提升。</p>
<p>这一双重打击发生在该股票的敏感时刻。尽管收入增长强劲，Reddit 今年已下跌 28%，而登录用户增长的放缓继续影响投资者情绪。</p>
<p>Reddit 今天还召开年度股东大会——管理层关于用户增长或与谷歌和 OpenAI 的 AI 许可续约状态的任何评论都将受到密切关注。</p>
<h2>多头与空头观点</h2>
<p>多头观点的关键在于 Reddit 的 AI 数据许可业务。该公司与谷歌和 OpenAI 的协议超过 2 亿美元，这两项交易都将在今年续约。摩根士丹利预测这些续约可能会产生 5.5 亿美元的年收入，超过目前约 1.3 亿美元的运行率。RBC 则指出，谷歌的 AI 搜索变化可能会推动更多的推荐流量回到 Reddit，从而增强公司在续约时的谈判地位。</p>
<p>空头观点则更为直接。主要风险是用户增长停滞——如果日活跃用户增长在多个季度内令人失望，收入增长可能会在利润扩张论证之前放缓。关键高管持续的内部卖出也对情绪造成了影响。而且，Meta 的新论坛应用直接针对 Reddit 的核心使用场景，竞争在此时愈发激烈。</p>
<p><strong>另请阅读：</strong>
<strong>今日股市：道琼斯期货下跌，标普 500 上涨，因以色列与伊朗互相发射导弹——SK 电信、Nebius、AMD 备受关注</strong></p>
<h2>Reddit 股票小幅下跌</h2>
<p><strong>RDDT 价格动态：</strong> 根据 Benzinga Pro 的数据，截至发布时，Reddit 股票下跌 0.25%，报 173.01 美元。</p>
<p><em>图片来源于 Shutterstock</em></p>

标普 500 指数

RDDT

谷歌-A

<p>Reddit (RDDT) 的股票因双重打击而下跌：强劲的五月就业报告推动了收益率，打击了成长股，同时被排除在标普 500 指数之外。尽管收入增长，该股票年初至今已下跌 28%，主要受到用户增长停滞和竞争的影响。投资者正在关注即将在即将召开的年度会议上关于与谷歌和 OpenAI 的人工智能许可续约的最新消息</p>

<p><strong>Reddit, Inc.</strong> (NYSE: RDDT) shares are under pressure today after a one-two punch — Friday’s blowout jobs report rattled high-multiple growth names across the board, while the stock was also passed over for S&amp;P 500 inclusion, disappointing investors who had been anticipating the move.</p>
<div class="lb-trans"><p><strong>Reddit, Inc.</strong> (NYSE: RDDT) 的股票今天承压，原因是受到了一记重击——周五的强劲就业报告让高倍增长股受到冲击，同时该股票也未能被纳入标普 500 指数，令期待这一变动的投资者感到失望。</p>
</div><h2>The Pressure Points</h2>
<div class="lb-trans"><h2>压力点</h2>
</div><p>Friday’s jobs report showed 172,000 payrolls added in May — more than double the 80,000 consensus estimate — pushing the 10-year yield above 4.5% and leaving little room for the Federal Reserve to cut rates anytime soon. That’s bad news for high-multiple growth stocks like Reddit, whose valuations are heavily dependent on the expectation of lower rates ahead.</p>
<div class="lb-trans"><p>周五的就业报告显示，5 月份新增 172,000 个就业岗位，超过了 80,000 的市场预期，推动 10 年期国债收益率超过 4.5%，几乎没有空间让美联储在短期内降息。这对像 Reddit 这样的高倍增长股票来说是坏消息，因为其估值严重依赖于未来降息的预期。</p>
</div><p>The S&amp;P 500 exclusion added to the pain. Many retail investors on Stocktwits had been speculating Reddit would finally make the cut in Friday’s rebalance — when that didn’t happen, shares dropped in after-hours trading. Index inclusion would have forced passive funds to automatically buy the stock, providing a meaningful and sustained demand boost.</p>
<div class="lb-trans"><p>标普 500 的排除进一步加重了痛苦。许多在 Stocktwits 上的散户投资者曾猜测 Reddit 会在周五的重新平衡中最终入选——当这一情况没有发生时，股票在盘后交易中下跌。指数纳入将迫使被动基金自动购买该股票，从而提供显著且持续的需求提升。</p>
</div><p>The dual hit comes at a sensitive time for the stock. Reddit has now fallen 28% this year despite strong revenue growth, with softer logged-in user growth continuing to weigh on investor sentiment.</p>
<div class="lb-trans"><p>这一双重打击发生在该股票的敏感时刻。尽管收入增长强劲，Reddit 今年已下跌 28%，而登录用户增长的放缓继续影响投资者情绪。</p>
</div><p>Reddit also holds its Annual General Meeting today — any commentary from management on user growth or the status of its AI licensing renewals with Google and OpenAI will be closely watched.</p>
<div class="lb-trans"><p>Reddit 今天还召开年度股东大会——管理层关于用户增长或与谷歌和 OpenAI 的 AI 许可续约状态的任何评论都将受到密切关注。</p>
</div><h2>Bull v. Bear Case</h2>
<div class="lb-trans"><h2>多头与空头观点</h2>
</div><p>The key bull case centers on Reddit’s AI data licensing business. The company has over $200 million in arrangements with Google and OpenAI, with both deals up for renewal this year. Wells Fargo forecasts those renewals could generate $550 million in combined annual revenue — more than quadrupling the current run rate of roughly $130 million. RBC separately flagged that Google’s AI Search changes could drive more referral traffic back to Reddit, strengthening the company’s negotiating position going into those renewals.</p>
<div class="lb-trans"><p>多头观点的关键在于 Reddit 的 AI 数据许可业务。该公司与谷歌和 OpenAI 的协议超过 2 亿美元，这两项交易都将在今年续约。摩根士丹利预测这些续约可能会产生 5.5 亿美元的年收入，超过目前约 1.3 亿美元的运行率。RBC 则指出，谷歌的 AI 搜索变化可能会推动更多的推荐流量回到 Reddit，从而增强公司在续约时的谈判地位。</p>
</div><p>The bear case is more straightforward. The primary risk is user growth stagnation — if daily active user growth disappoints for multiple quarters, revenue growth could decelerate before the margin expansion thesis plays out. Sustained insider selling by key executives has also weighed on sentiment. And with Meta’s new Forum app directly targeting Reddit’s core use case, competition is heating up at exactly the wrong time.</p>
<div class="lb-trans"><p>空头观点则更为直接。主要风险是用户增长停滞——如果日活跃用户增长在多个季度内令人失望，收入增长可能会在利润扩张论证之前放缓。关键高管持续的内部卖出也对情绪造成了影响。而且，Meta 的新论坛应用直接针对 Reddit 的核心使用场景，竞争在此时愈发激烈。</p>
</div><p><strong>Read Also:</strong>
<strong>Stock Market Today: Dow Jones Futures Fall, S&amp;P 500 Gains As Israel, Iran Exchange Missile Strikes—SK Telecom, Nebius, AMD In Focus</strong></p>
<div class="lb-trans"><p><strong>另请阅读：</strong>
<strong>今日股市：道琼斯期货下跌，标普 500 上涨，因以色列与伊朗互相发射导弹——SK 电信、Nebius、AMD 备受关注</strong></p>
</div><h2>Reddit Shares Edge Lower</h2>
<div class="lb-trans"><h2>Reddit 股票小幅下跌</h2>
</div><p><strong>RDDT Price Action:</strong> At the time of publication, Reddit shares are trading 0.25% lower at $173.01, according to data from Benzinga Pro.</p>
<div class="lb-trans"><p><strong>RDDT 价格动态：</strong> 根据 Benzinga Pro 的数据，截至发布时，Reddit 股票下跌 0.25%，报 173.01 美元。</p>
</div><p><em>Image via Shutterstock</em></p>
<div class="lb-trans"><p><em>图片来源于 Shutterstock</em></p>
</div>

Reddit Caught In The Crossfire: Hot Jobs Print And S&P 500 Snub Hammer Shares

- Reddit 股价受压，因上周五就业报告超预期及未纳入 S&P 500。  
- 5 月新增就业岗位 172,000，推高 10 年期收益率，影响高估值股。  
- Reddit 年初跌幅达 28%，管理层会议备受关注，用户增长及 AI 授权续约成焦点。

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Reddit 陷入交火之中：热门就业数据和标普 500 的冷遇重创其股价