Reddit因可能限制Google AI训练访问权下跌，60百万美元/年数据授权续约不确定

S&P, Nasdaq open lower as investors eye tech earnings for AI cues, led by Alphabet
Investing.com -- Shares of Reddit fell 8.8% in morning trading after a Wall Street Journal report disclosed that the company has held internal discussions about blocking Alphabet’s Google from accessing its content for AI training purposes, casting doubt over the renewal of their existing data-licensing agreement. That deal, originally signed in 2024, has been valued at roughly $60 million per year and has been central to Reddit’s AI monetization narrative — a key reason the stock had rallied sharply in prior months.
The report rattled investors because Reddit’s ability to renegotiate and expand its AI data-licensing agreements with partners like Google and OpenAI has been treated as a major catalyst for future revenue growth. Any breakdown in those negotiations would not only eliminate the existing licensing income but could also undermine the broader thesis that Reddit’s vast repository of user-generated content commands premium pricing power in the AI era. Compounding the negative tone, CEO Steve Huffman sold approximately $3.56 million worth of shares on July 15, while COO Jennifer Wong sold roughly $7.75 million in stock on the same date — insider activity that had already begun weighing on sentiment in the days leading up to today’s move.
The broader market provided little cushion, with the S&P 500 essentially flat and the Nasdaq edging lower, offering no meaningful tailwind for high-multiple internet names. Reddit’s second-quarter 2026 financial results are due after market close on July 30, and the licensing uncertainty introduced today adds a new layer of risk for investors trying to model the company’s data-revenue line ahead of that report. On a more constructive note, Jefferies recently highlighted that Reddit continued to gain market share in social media advertising during the second quarter, suggesting the core ad business remains healthy.
Taken together, the combination of a high-profile threat to Reddit’s AI licensing revenue, fresh insider selling from the executive suite, and a cautious pre-earnings environment proved to be a powerful enough cocktail to send the stock to its lowest intraday level in weeks, with shares touching a session low of $166.87 before recovering slightly to trade near $169.59.
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