Are we not using social media anymore?$Snap(SNAP.US) down -50.6% YTD$Reddit(RDDT.US) down -44.6% YTD$Pinterest(PINS.US) down -32.2% YTD$Meta Platforms(META.US) down -26.35% 6MCompanies like Snapchat with excessive SBC makes sense… Yeah there’s bear cases around Meta capex but it’s growing forward revs 30-33% Y/Y round ~17 fwd p/e so that spend is definitely delivering ROI.But at this point the selloff looks way overblown especially with Reddit with fwd ev/fcf: ~24x; 91% gross margins, 52% growth?Everyone’s hyper focusing around “AI” disruption but if anything, it makes these social media companies more lean/profitable.I’m a buyer here. But a confused one.Source: Serenity