The earnings looked great, the CEO is awesome and his moves show he has full faith in the company. (I.E. the share buyback announced seems like a love letter to shareholders).
Its partnerships with open AI and Anthropic seem like they are going to help the product, not hurt it. Its users are still growing. Yet the stock is down so much in the last year?
I guess unless I'm missing something, I think the market is behaving irrationally here.