Reddit (RDDT) has beef with the Internet Archive’s Wayback Machine, a source that allows users to visit archived and historical versions of websites from across the internet. The social media platform has blocked the Wayback Machine from archiving its website, sans the front page of Reddit.
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The big issue here is Reddit’s block on artificial intelligence (AI) scrapers that pull information from its website without permission. Reddit argued that AI scrapers were getting around this by pulling information from Reddit that was stored on the Wayback Machine. This, combined with the Wayback Machine’s refusal to remove deleted content, prompted the block.
Reddit said that it spoke with the Internet Archive to alert them of this block before it went into effect. It also said the block will continue until the Wayback Machine protects its data from AI scrapers and follows Reddit’s policies. Wayback Machine director Mark Graham told The Verge, “We have a longstanding relationship with Reddit and continue to have ongoing discussions about this matter.”
A Loss for the Internet
While it’s understandable that Reddit wants to protect its data from AI scrapers, blocking the Wayback Machine is a loss for the collective internet. The resource, along with other services offered by the Internet Archive, is important and shouldn’t be restricted. Reddit also offers significant value to internet users with its various subreddits filled with niche information, and that should be preserved.
RDDT stock was up 0.69% on Wednesday, extending a 38.15% rally year-to-date. The shares have also climbed 307.68% over the past 12 months.
Is Reddit Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Reddit is Moderate Buy, based on 15 Buy, eight Hold, and a single Sell rating over the past three months. With that comes an average RDDT stock price target of $198.13, representing a potential 12.2% downside for the shares.
