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  • Reddit's EBITDA -$69M in 2023, -7% margin on $800M revenue

Reddit's EBITDA -$69M in 2023, -7% margin on $800M revenue

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Top stories today:

  1. Reddit's EBITDA -$69M in 2023, -7% margin on $800M revenue
  2. Palantir's net income at $93M (15% margin), stock +17%
  3. Ad revenue in Big Tech sees strong Q4, after weak Q4 2022
  4. OnlyFake makes fake AI-generated IDs for $15
  5. Starship Robot raises $90M for last-mile robots

0. Data and calendar

All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).

All times are ET.

1. Reddit's EBITDA -$69M in 2023, -7% margin on $800M revenue

2. Palantir's revenue +20% to $608M, net income at $93M (15% margin), stock +17%

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3. Ad revenue in Big Tech sees strong Q4 in 2023, after weak Q4 in 2022

4. OnlyFake underground website makes fake AI-generated IDs for $15, highlighting need for better KYC systems

  • Our view: KYC systems must integrate with governments’ APIs to connect physical IDs to official databases.

    • A verification code or a QR code leading the KYC checker to a government website confirming the document are potential solutions, already adopted in countries like the UK.

5. Starship Robot raises $90M for last-mile robots

  • $230M in total raised money.

  • 6M deliveries made in 80 locations in U.S. and Europe.

    • Amazon made 333x more Prime deliveries in 2023, 2B.

  • Partners: Bolt, Co-Op, Grubhub, others.

6. San Francisco 49er's condensed formation may have made them the #1 team

7. Interesting videos, posts, and memes

8. Other headlines


  • Roblox launches AI-based real-time translation for multiplayer game.

  • Semafor working with Microsoft on AI to help aggregate stories.

  • MindStudio: start building AI apps in a single afternoon.*



  • Snap to lay off 10%, eliminating 500 employees.

  • Nintendo's revenue -6% to $4.0B, profits +18% to $0.9B.

  • Vision Pro's YouTube app “on the roadmap,” but no specific dates.

    • Forgetting password may require visit to Apple Store.

  • Amazon partners with Reach for customer data before Google kills cookies.

  • Valentine Day's tech gifts guide.

  • Sign up for Underdog Fantasy, the easiest place to play Fantasy Sports!*

  • BetterHelp: professional online therapy to help you win at work.*

  • Masterworks: invest in shares of paintings by Banksy and Picasso.*


Tech & law

  • Beijing plans to produce national 5nm chips this year.

  • Google's ad antitrust jury trial scheduled for Sep. 9.



  • China stocks +3.5% as rumors of potential stimulus mount.

  • Boeing's largest union to demand 40% raise over 3-4 years.

  • Sequoia Capital's evergreen fund now manages $17.8B.

  • NYCB's dividend slash led by pressure from watchdog OCC.

  • College financial aid applications -57% YoY due to glitches.


  • Do Kwon's CFO Chang-joon extradited to South Korea by Montenegro.

  • Farcaster reaches 19K DAUs after Frames launch.

  • Oobit, crypto payments app, raising $25M from Tether, Solana's Yakovenko.

U.S. politics

  • $118B Senate bipartisan bill may not pass on Wed.

  • Biden threatens to veto House GOP's $18B Israel-only bill.

  • Trump's federal election trial could extend into 2024: Judge Chutkan.

  • Trump wants to debate Biden “immediately.”

  • Nikki Haley requests Secret Service protection after threats.


  • King Charles treated for undisclosed cancer discovered during surgery.

  • Tucker Carlson's car seen leaving Kremlin, fueling Putin interview rumors.

  • Iran-allied milita kills 6 soldiers of U.S.-allied milita in Syria.

  • 2 Houthi sea drones struck by U.S. forces.

  • Blinken on 5th Middle East trip since Oct. 7.

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