Reddit stock rose 11% on August 13 and another 5% on August 16 due to S&P 500 inclusion. This masks investor anxiety over Google search referrals which caused an 11% plunge on July 31. Reddit's new AI moderation tool, 'Rules Hub,' launched August 5, aims to combat spam, a problem LLMs largely created. Watch for Q3 earnings to see if AI moderation improves user engagement and referral traffic.