This was largely driven by profit-taking in Palantir, which saw shares fall on valuation concerns, despite a dominant quarter. Even the Alex Karp-led retail favorite couldn't escape.On Tuesday, with the tech-heavy Nasdaq down more than 2%, retail investors turned into net sellers of single stocks and dialed back ETF purchasesMeta specifically saw record buy-the-dip inflows after tanking on earnings last week. (Worth noting this didn't pay off: the stock fell 6% from last Friday through this Wednesday.)The M ...

Group 1: Snap Inc. (SNAP) - Snap reported revenue of $1.51 billion, exceeding estimates of $1.49 billion, with global daily active users increasing to 477 million, slightly above the expected 476 million [2][7] - The company announced a $500 million stock buyback program, indicating confidence in its financial position [2][7] - Snap has entered a partnership with Perplexity AI, which will pay $400 million over one year to integrate its AI search features into the Snapchat app [3][7] Group 2: Other Notable Stocks - Datadog (DDOG) shares rose approximately 22% after beating earnings estimates with an EPS of 55 cents, which was nine cents above expectations, and reporting revenue of $886 million, a 28.4% year-over-year increase [4] - Planet Fitness (PLNT) shares increased about 12% following strong earnings, with an EPS of 80 cents beating estimates by six cents and revenue of $330.3 million, up 13% year over year [5] - Appian Corporation (APPN) saw its shares rise about 18% after reporting an EPS of 32 cents, which exceeded estimates by 27 cents, and revenue of $187 million, a 21.4% year-over-year increase [6]

Snap announced a $400 million partnership with Perplexity AI to distribute the firm’s AI search engine to Snapchat users globally, according to a statement Wednesday https://t.co/xynrX2vLXK ...

Core Perspective - Reddit is taking legal action against companies that scrape its data without permission, aiming to protect its data and maximize revenue potential [2][4]. Group 1: Legal Action - Reddit has filed a lawsuit in the U.S. District Court to block four companies from scraping its data via Google search results instead of using the paid Reddit API [2]. - The companies involved include SerpApi, Oxylabs, AWMProxy, and Perplexity, with allegations that they sold data to AI firms like OpenAI and Meta [2]. - Reddit seeks a permanent injunction and financial damages, hoping to establish a legal precedent for data protection [2]. Group 2: Revenue Strategy - In 2023, Reddit increased its API charges to profit from the data generated by its users, as AI projects increasingly rely on Reddit for data inputs [3]. - Reddit's "Other" revenue category saw a 24% year-over-year increase in Q2, generating $35 million from data deals with AI projects [5]. - The company has signed content licensing agreements with Google and OpenAI, aiming to create value in exclusivity to incentivize payments for its data [6]. Group 3: Data Protection Measures - Reddit has implemented measures to prevent its information from being scraped or used without explicit permission and payment [4]. - The lawsuit addresses the loophole where companies are allegedly scraping data from Google instead of using the Reddit API, which undermines its data protection efforts [4].