If you haven’t already, we hope you’ll subscribe, so you don’t miss a thing. And if you want to run your own mention analysis, check out our Mention Markets x Earnings Call Dashboard.

Also, if you haven’t listened to it yet, we just had a great conversation this morning with one of Kalshi’s top traders, Gaeten Dugas. Give it a listen, and be sure to follow us on X, so you don’t miss the next one:

Traffic. Reddit Pro. Machine Translation. Developer. Game. Emplifi. Holiday. Algorithm. Smartly. OpenAI / Open AI. TikTok.

The call is Thursday, February 5th, 2026 at 5 p.m. ET.

This market is a tricky one, and we’ll get to why…

Currently, some potential mentions are aligned with our expectations and analysis.

Traffic and Reddit Pro are at 99% and 97%, respectively, and they’ve been mentioned on most calls. Reddit Pro, however, was skipped in Q2 of 2024.

Traffic is central to Reddit's earnings narrative. On the Q3'25 call, CEO Steve Huffman noted that “Reddit is the #3 most visited site in the U.S., per Semrush October 2025.” And then there’s the recent Max Campaigns beta that is explicitly for “select advertisers running traffic and conversion campaigns.”

So we -- and apparently a lot of other people -- think “Traffic” is more than likely a safe position, even if it’s only pennies at this point.

Now, Reddit Pro is a key part of Reddit's pitch to both advertisers and publishers, and we figure any update on publisher adoption or new Pro features for Q4 would naturally reference this.

One reason why machine translation may be slightly underpriced is that it’s been mentioned on every single earnings call to date.

Although, it’s worth mentioning that the number of mentions dwindled to only one mention on the last call: 

But a “problem,” or rather complication, with this market is that because Reddit recently went public, there aren’t many earnings calls to reference. Because of that, we’re uncertain about many of these and the market seems to reflect that…