Snap continues to be an interesting company. Thanks to spending years in Facebook’s shadow, the social media company has a credible claim to being perennially underestimated. Snap’s $96 billion market cap is just one-tenth of Facebook’s ($946 billion).

Snap is all about rethinking the way we use mobile cameras. Smartphones turned cameras, once used for memory capture, into communication tools. This shift helps explain Snap’s “we are a camera company” mantra. Although…