Reddit 股價暴跌，Google AI 搜尋擠壓流量

作者：安扎爾・梅赫拉吉（Anzar Mehraj）By Anzar Mehraj

10月30日（路透社）—— Reddit 股價週五重挫29%，創下單日最大跌幅，並跌至逾一年來最低水準。該公司先前警告，Google 的 AI 搜尋正在衝擊導流流量，並可能使其用戶基礎縮小。Oct 30 (Reuters) - Reddit shares tumbled 29% on Friday, marking their biggest single-day drop and hitting their lowest level in over a year, after the company warned that Google's AI-powered search was hurting referral traffic and could shrink its user base.

這個線上討論平台仍會出現在 Google 搜尋結果中，但隨著用戶愈來愈仰賴這家科技巨頭的 AI 工具直接取得答案，點擊數正在減少。The online discussion platform still appears in Google search results but is attracting fewer clicks, as users increasingly rely on the tech giant's AI tools for direct answers.

Capital.com 資深市場專家維托・馬德拉（Vitor Madeira）表示：「當每週超過100萬次搜尋導流因為 Google 的 AI 自行回答問題而消失，投資人關注的就不再只是接下來三、四個月，而是未來幾年 Reddit 究竟還能真正掌握多少受眾。」"When more than a million search referrals a week disappear because Google's AI answers the question itself, investors are no longer looking just at the next three or four months, but at how much of Reddit's audience it will really own in the years ahead," said Vitor Madeira, senior market specialist at Capital.com.

Reddit 警告，如果導流流量持續下滑，第四季每日活躍獨立訪客數可能會出現低雙位數百分比的跌幅。Reddit warned that its daily active unique visitors could fall by a low double-digit percentage in the fourth quarter if referral traffic kept declining.

這股趨勢也正在衝擊其他企業，包括新聞出版商、Chegg 等教育平台，以及旅遊和產品評論網站。The trend is also hitting other businesses, including news publishers, educational platforms such as Chegg and travel and product-review sites.

與此同時，競爭對手 Pinterest 股價下跌近8%，此前該公司第三季營收與獲利未達分析師預估，且對關鍵假日季的營收預測低於預期。Meanwhile, shares of rival Pinterest fell nearly 8% after it missed analysts' estimates for third-quarter revenue and profit, and forecast revenue for the crucial holiday quarter below estimates.

如果目前跌勢維持不變，Reddit 市值將蒸發超過70億美元，Pinterest 則將蒸發約9億美元。截至前一個收盤日，這兩檔股票今年以來分別下跌約44%和23%。If current losses hold, Reddit is set to lose more than $7 billion in market value and Pinterest about $900 million. The two stocks have fallen about 44% and 23%, respectively, this year through their last close.

根據倫敦證交所集團（LSEG）資料，Reddit 的12個月預估本益比為19.03，高於 Snap 的7.53與 Pinterest 的8.48。Reddit has a 12-month forward price-to-earnings ratio of 19.03, compared with Snap's 7.53 and Pinterest's 8.48, according to LSEG data.

另外，Reddit 週五表示，已將與 Google 的雲端服務協議延長至2029年，承諾3年內支出5.8億美元。Separately, Reddit on Friday said it has extended its cloud services agreement with Google through 2029, committing to spend $580 million over three years.

Google 也面臨 AI 搜尋變現能力的疑問。該公司9月當季搜尋營收成長放緩至12%，導致 Alphabet 股價週四重挫，市值蒸發約5,000億美元。Google is also facing questions about monetization of AI-powered search, after growth in search revenue slowed to 12% in the September quarter, sending Alphabet shares tumbling and wiping about $500 billion off its market value on Thursday.

至少11家券商下調 Reddit 目標價，至少13家券商下調 Pinterest 目標價。At least 11 brokerages cut their price targets on Reddit, and at least 13 did so on Pinterest.

（班加羅爾安扎爾・梅赫拉吉與賈斯普里特・辛格（Jaspreet Singh）報導；強納森・阿南達（Jonathan Ananda）與勒羅伊・利奧（Leroy Leo）編輯）(Reporting by Anzar Mehraj and Jaspreet Singh in Bengaluru; Editing by Jonathan Ananda and Leroy Leo)