Snap Inc. Thesis

Snap is a camera company focused on augmented reality (AR) and visual communication. Its moat is its young, highly engaged user base and its leadership in AR lens technology. The growth driver is the monetization of its Discover content and Spotlight platform, as well as the long-term potential of AR hardware (Spectacles). The investment thesis is that Snap can build a next-generation social and computing platform centered on the camera and AR, but it faces intense competition from larger rivals.