A more modern form of the phrase "no
homo", a phrase you use after saying
something gay, but you want to make sure that
nobody thinks you're actually gay.
It refers to the sexual misconduct allegations against Sean Combs, aka P Diddy, specifically the charges involving other men
Friend 1: you're lookin kinda cute today, bro, no diddy.
Friend 2: ayo, that's mad gay.
Friend : I said no diddy though.
Friend 2: you right, that's my bad. I appreciate it, homie. You look cute too.
Friend 1: 🤨