This is the best summary I could come up with:

Reddit on Wednesday priced its shares at $34 for its initial public offering, at the high end of expectations, in a sign of investor demand for growing tech companies.

The pricing was a favorable signal for start-ups and venture capitalists, who have been closely watching Reddit’s offering as a test for private tech companies angling to brave the public markets.

But Reddit’s pricing, alongside a successful first day of trading on Wednesday for Astera Labs, an artificial intelligence company, was a “good sign for the rest of the pipeline,” he added.

Reddit relied on old-school-style message boards, which were largely text-based, divided by topics and browsed by pseudonymous commenters.

More recently, Reddit has tapped into its vast troves of conversation data to market itself as a repository for training large language models, which help artificially intelligent computers learn speech abilities that are more human.

Some have resisted the idea of Reddit’s being a public company, concerned that market forces and the quarterly demands of shareholders will corrode some of the features that made the site so attractive to them.

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