# Agentic Ad Buying Stays Tiny While Reddit and Retail Media Lead the Debate - Weekly Online Ads Podcast Recap - Week of August 23, 2026

> Digital advertising podcast recap for the week of August 23, 2026. Across the week's online-ads podcasts, agentic ad buying dominated the conversation but barely registered in revenue, while Reddit, Walmart Connect, and off-platform retail media drove the sharpest stock debates.

## Weekly Online Ads Podcast Recap

### Week of August 23, 2026: Agentic Ad Buying Stays Tiny While Reddit and Retail Media Lead the Debate

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*Covering podcasts published August 16–23, 2026, on the online and digital advertising industry. Every source episode fell inside the 7-day window, no fallback coverage was needed.*

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## Executive Summary

- **"Agentic" ad buying was the loudest story of the week, and the quiet consensus is that it's real but tiny.** Ad Age's Garett Sloane, who read the Q2 reports, put hard numbers on the hype: PubMatic ($PUBM) touted "80-plus agentic campaigns," and Criteo ($CRTO), the first ad-tech partner to serve ads inside ChatGPT, doubled its ChatGPT advertisers from 1,000 to 2,000 in a quarter, but told investors that revenue "would not be a significant portion of its earnings this year." In a trillion-dollar industry, only "tens of millions of dollars" are flowing through AI agents so far.

- **Reddit ($RDDT) was the single most-debated stock.** After a Q2 that sent the shares down about 20%, investors on The Investor's Podcast argued the platform is wildly under-monetized (30% operating margins reached years ahead of plan) but flagged a real "user problem" in the US and a heavy dependence on Google search traffic that AI Overviews are eroding. A juicy sub-plot: Reddit is threatening not to renew the $60M-a-year data-licensing deal it signed with Google in 2024, which multiple commentators called far too cheap.

- **Meta ($META) drew the most bullish long-term AI-advertising case.** On Invest Like the Best, analyst Ben Thompson argued Meta's ad marketplace is a "verification machine" that lets it validate AI-generated images and copy at global scale, and that even a few percentage points of better ad matching are "worth billions and billions of dollars."

- **Retail media's story shifted from "on-site conversions" to "full-funnel and off-platform."** At Cannes Lions, Instacart ($CART) detailed pushing its first-party shopper data out onto The Trade Desk ($TTD), Roku ($ROKU), Pinterest ($PINS) and TikTok, while the industry fights over whether the old "return on ad spend" (ROAS) number is misleading everyone. Separately, US off-site retail media spend is forecast to hit $17.05 billion in 2026, up 30% year over year.

- **Walmart Connect is now the reason to own Walmart ($WMT).** On Schwab Network, one analyst estimated the ads business runs at ~70% margins and is a big part of what justifies Walmart's ~40x earnings multiple, versus 3-5% net margins in the core retail business.

- **Connected TV earnings were strong on the platform side but ad pricing is soft.** Roku posted record profit with ad sales up 25%; Disney's ($DIS) streaming ad revenue rose only 3% with "impressions higher, rates lower"; and Netflix ($NFLX) CPMs are reportedly in line with, not above, other premium streamers.

- **Spotify ($SPOT) still can't crack advertising.** Its ad-supported audience grew from 420 million to 490 million users over five quarters, yet ad revenue fell year over year in four of those five quarters and grew just 1% in the most recent one.

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## (a) Dominant Themes

### 1. "Agentic" ad buying is everywhere in conversation, and barely anywhere in the numbers

The phrase of the week was **agentic AI**: software "agents" that plan and buy advertising for you, largely on their own. Almost every ad-focused show touched it, and the honest takeaway was the same across all of them, the technology is being built fast, but real money running through it is still a rounding error.

The clearest reality check came from Ad Age's senior tech editor Garett Sloane on [Ad Age Insider](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOh-2B8mD1leSQJ3h3oNtmdqeJ0ROuxFoj1Bz941b-2FvZ2ucJSxGKObcBMkd-2Buk7INOPCGByjTUlenAJLoWU4nnK26Z3uUKzMhpNmeG-2B-2BGk-2FQxyjw-3D-3DW6RM_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObHSWgRd2lhQzCJgVHBmdVt4cVkZtwTl5H9rorxAxXliQH2z76ILxuV1BHP0Iyvj8xxh-2FbYYm2GssQmWvwBtCMNxo8jmRszXt9zP8gDUpY86Q9xKvFCUy1MRuuo6JUjIeew-3D-3D) (Aug 21), who had just read the Q2 earnings of the ad-tech supply-side platforms:

> "You're talking about a trillion dollar industry and you're maybe talking about millions, tens of millions of dollars flowing through Agentic AI in terms of handling the actual trading of advertising in digital media."

He described the plumbing being laid, "MCP ad servers, model context protocol, agent-to-agent communication", that would eventually let a marketer say "go buy me media across Magnite, PubMatic and Criteo and Google and Meta" from a single agent. But today, he said, PubMatic ($PUBM) is "touting agentic trading as a fast-growing segment... they say they did 80-plus agentic campaigns," and his tongue-in-cheek bar for what even counts as "fully agentic" was low: "at the very least, Claude was involved somehow."

On the retail-media side, [Retail Media Breakfast Club](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiO7RMBgU5R0nIq55susV-2FbiWk50egZLXfi7crzQabcrDrbQIiHSL2445pSOqD1lAToGQsev-2Fu3oxygJE959JpY6Dxy-2FVXMCX7jP5OoFfAb-2FQ-3D-3DcBfi_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObP3KNMreZGnhTblpoCVyVNCOmRZJse-2BT64Qk-2BDEYszWX1cNrJ7gY9glZFS7uA0YzTv5-2FmQNqn5SYm8Fl3TTvd18zowOh-2B-2FKpRnjgujrkMcjeQpXjtK5C-2BrBsBrCWDwWtnw-3D-3D) (Aug 18) host Kiri Masters put the existential question directly, "is agentic media buying going to be the end of us all?", to Scott Messer and Jana Meron of the Ad Tech Therapy podcast. Their answer, in plain terms: automation will let the industry do the same work with fewer people, but it won't delete the layers of the system. As Messer put it:

> "It will not slash these layers because you're building tech on top of the systems to operate the systems better... you're going to use the same stuff with fewer people."

Their reassuring precedent: people predicted programmatic would kill direct ad-sales jobs, and instead "there is a flourishing multi-billion dollar industry around it."

### 2. AI is reshaping who wins in advertising, with Meta and Google the biggest near-term beneficiaries

The most striking long-term argument came from Ben Thompson on [Invest Like the Best](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhgcQ1FvDSakfL0f7uVAu9Pb2VNkWO2DPfCB-2FlMKlJibojciPlTHbBXHRuHDuZh7rCb26IO59jaBxJHqjYgkdEAtOfbAZhXPlarvuG02sUqmg-3D-3DBUUx_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObFS7eI-2Fk4NLUn2KxyVEAZ0fn2MY1-2BElFImtr0zcB8abRmZZQgQ10JFLrFCNEJgaBev5-2BN8eZRY6OTtb45nE-2Fc9TQfdP33W77XygYi3D2RKL8s-2Bwuh2i237rGc-2BSHlKXo5g-3D-3D) (Aug 18). His view: the biggest money in AI right now isn't OpenAI or Anthropic, it's the incremental gains flowing to Google and Meta. The reason is that ad platforms can actually *verify* whether AI-generated content works, because the ad marketplace tells them instantly whether an ad sold:

> "They have this massive advantage, this huge liquid market that is a verification machine where the verifiers are humans deciding whether they click on that ad and make a purchase or not. But they're doing it at global scale."

Thompson argued that today's ad matching is still crude, comparing "the qualities of the person" with "the qualities of the ad", but large language models predict, so Meta will move to "look at people and say, this person probably wants to see this next." And the math is enormous: "The potential upside in terms of showing people better ads that are more relevant to them, they only need to increase a few percentage points for the returns to be billions and billions of dollars."

He also flagged a margin wrinkle for AI-generated content: for Meta, generating content itself would actually be a *worse* margin than today, "because what they have today is free. So they have attention." Meta pays nothing for Instagram content, whereas YouTube ($GOOGL) shares revenue with creators, a "much bigger drag on the business than people appreciate."

### 3. Google's AI Overviews are the gravity pulling on everything downstream

A recurring worry across shows was that Google's AI Overviews, the AI-written answers at the top of search results, are cutting the traffic that flows to publishers. On [The Investor's Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgQ0NzTR3jwpq5C53oOx2MUIhTiqlO59hxCmCx8D8fbBS2qFDO0ifWvuFvI95d4rpxmgTkav3bFgPCzVt2zJ9jsMydFTGWSFa-2F8dxkNnPDX5g-3D-3DOTQ5_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObLCM-2FEbqxWIMxAgSx-2Bh0hDcXuxvZHik7uHCMe7lpzr4tP7s4zPxIqKj2EuDg1N2M8Uj-2Fdg9d6Wl6MZbOn9utRuCE-2FH0jwY5yob2904JbwBwBX-2Fd3720P5SXagGyZEO8QeA-3D-3D) (Aug 16), Shawn O'Malley noted that "Google has a billion Gemini users and click-through rates for original sources plunged by roughly 60% because users can find exactly what they're looking for answered in the AI overview." The twist for Google itself: management insists AI Overviews monetize just as well as classic search, so "the focus is sort of shifting to companies like Reddit and saying, well, Google is not affected, but maybe you are."

### 4. Retail media grows up: full-funnel, off-platform, and a war over measurement

The retail-media conversation this week moved decisively past "sponsored product ads on a retailer's website." At Cannes Lions, on [The CPG Guys](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOj-2BNc-2BvQwqeNUW1mdBZQLrAA-2BAbkJyDYtQo9D2UVGhZpRRgOkQUy0Qu2TmoOux0uKjxy5kL-2BaumiYay-2Fy4-2BMc2PcTVf2iz6uD72mmUQQ168Fw-3D-3DhZxc_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObMGZKoD-2Ft-2FUEttkj0mB1zQOc8NaPz7L-2Fc-2Frdwr38I51VQ0ITgxvmilx3BeADySLab1NgCi09JLHIkjQ3FbFnAgsxwKaljtkXTtznlJgVJ5Q6ZHRJshhBED1JyHbjZHYQxA-3D-3D) (Aug 22), Andrew Lipsman (Media, Ads & Commerce), who coined the "third wave" description of retail media, said the next leg is "performance TV," and that "the future of retail media is the future of all media... because it's going to be an intersection with every single major pool of ad spend."

Instacart's Adam Silverblatt described pushing Instacart's logged-in, deterministic shopper data out onto the open web through partners "like the Trade Desk, Roku, Pinterest, TikTok," but in a self-service way that lets brands buy "within their own existing seat" and "tie that whole thing back to closed-loop attribution." A concrete example: a brand called Deep Indian Brands turned on Instacart's in-flight optimization signal inside The Trade Desk and "doubled their ROAS and... reduce[d] CPM costs by a significant amount."

The theme running underneath: the industry is finally attacking the gap between headline **ROAS** (return on ad spend) and **incremental ROAS** (iROAS), sales you actually wouldn't have gotten anyway. Lipsman was blunt that a $4 ROAS is "a very costly misnomer" and that market-mix models "are not fit for purpose in the age of retail media anymore."

### 5. Non-endemic advertising is the next retail-media growth engine

On a second [Retail Media Breakfast Club](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhuXM2CWqbjnjWFkOTWr1VGiI7Dw8grKs46NFWG8I6ent9nI4hcaFvlwf-2Fyi0wSX1MUzjeTYtyULCcdgvm3OcHk89FGfxOtvWvu086ExNSgLA-3D-3D5_3O_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObJ1Qx8hwgbqf8MbZk7Ohb6OW3Sapd1yDRXYN9iPNby8k1vXZjepJ-2FLC-2Fi-2BSHGP9egfQX9bttdtmW2uGpYdYvGLCpUo-2F-2BY-2FvzgKZyP1rcjjMSlHo4r6AzSsiW6QJWVOACxg-3D-3D) episode (Aug 19), Kiri Masters made "non-endemic" advertising tangible by downloading her own Amazon ad file, and finding nearly 400 advertisers holding her in audience segments, including Pfizer, Geico, Emirates, Chase and McDonald's, "none of [which] sell anything on Amazon." The macro backdrop: "US off-site retail media ad spending will reach $17.05 billion in 2026, up 30% year-over-year per eMarketer forecasts." As retailers saturate their endemic (shelf-selling) advertisers, they're chasing financial-services, travel and auto brands, a game the IAB says is only for networks "willing to invest $100 million plus over multiple years."

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## (b) Active Debates

**Debate 1, Is Reddit ($RDDT) still a buy after its post-earnings drop?** On [The Investor's Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgQ0NzTR3jwpq5C53oOx2MUIhTiqlO59hxCmCx8D8fbBS2qFDO0ifWvuFvI95d4rpxmgTkav3bFgPCzVt2zJ9jsMydFTGWSFa-2F8dxkNnPDX5g-3D-3DG0-O_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObA9XufGJoH7ATzAEQCVQUPnmfQSV7Y2gAnKHIrivlACm8vRyhuZd2nhYSn5kv4Em28TN8j64Q9e5jI-2Fx-2Bk1Lp7KkvKozdGQyGC3-2B7dlBc1hg9C22RJerLbvAq-2FTOXi8uIA-3D-3D) (Aug 16), Daniel Mahncke and Shawn O'Malley split the difference. **Bull side:** the platform is deeply under-monetized on 300 million users, hit a 30% operating margin far ahead of schedule, and its pseudonymous-but-intent-rich data is ideal for contextual ads ("they can serve you an ad for the best drills to use while you... peruse conversations about home renos"). **Bear side:** US users are soft, the company just stopped disclosing logged-in user metrics ("right as this metric... might be turning against them, they opted to just hide it"), and more than half of daily users arrive via Google, exactly the traffic AI Overviews threaten. O'Malley's verdict was to hold, not add: "I'm definitely not falling over myself to buy more shares after that last earnings call." Note both hosts hold the stock, so this is an owner's debate, not a cold analyst call.

**Debate 2, Will "agentic" buying gut the ad-tech middle layers, or just thin them out?** The optimists ([Retail Media Breakfast Club](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiO7RMBgU5R0nIq55susV-2FbiWk50egZLXfi7crzQabcrDrbQIiHSL2445pSOqD1lAToGQsev-2Fu3oxygJE959JpY6Dxy-2FVXMCX7jP5OoFfAb-2FQ-3D-3DOhAp_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObIuW0XPOQjaEBA2hL9EmmIPnDi-2BA1sVGfwG-2B-2Bo2y6YtDHCtGZvDHiIjV91XqA-2BEcotcKMl5v7BJoMzO51shfk-2BxTy9uNAF26TatobKyW6052bE3UApdkGTdyQ5TSXCO7YA-3D-3D), Aug 18) say the layers survive but consolidate, "you still need measurement... you still need an exchange", as DSPs go publisher-direct (Yahoo, The Trade Desk ($TTD), Viant, PubMatic ($PUBM)). The radical view came from Tuple founder Doug Lauretano on [Open Market](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjgzdTz2j1Oq4RlPeMIXcd-2BbixKm47sh5N4hsJrPvqvTpgyZKSnHa344AlZsLqPtCms294q3H9jGFaPPFzCwK-2Bp3KEucMFWF-2BcbakcTx1IgRg-3D-3DATcP_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObM-2Fjo6lj7iExzU76fQNg5oMN0zK0EvB3eMa0LbwWdZj-2BRSS731B1BACGf3oLCaoG7ZlGyLD6W5Lk1uxKy28M7UKmeW3vSBbbQ61bKxacTNAAlYf2rDDwWyBBF0HbAZeeUA-3D-3D) (Aug 19), who argues the current system is quietly broken: to keep compute costs down, "about 50% of good impressions... fall to the cutting room floor" because legacy DSPs throttle the bid requests they'll accept. His pitch is that the incumbents' cost structure, not a lack of AI, is the real problem.

**Debate 3, Can Spotify ($SPOT) ever become a real advertising business?** On [Behind the Numbers](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOg-2FkO4Y50P8Td8hGuohr36nawuWmBlKifu71OVUn3cykjLFVYEeBArv9L3M03Nmd6ySk6fBYID4PX0zXdTE8chg4fTLpEtm6zMW-2BpZCItwy-2FQ-3D-3Drbt7_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObJKmqSjbVpebZCNxDYlHsb-2FZ79Y9XccASHgIefNPiCJe-2B-2F8a5rkoSipdiXNAlXJEqT6NBOebRvOiqo9YQGyjelKCljiE2luoh2BeVOoG6Ay5OpCR65C6fTQ9UiJkJt4BGw-3D-3D) (Aug 17), Marcus Johnson and Daniel Konstantinovich laid out the puzzle: the ad-supported base grew from 420M to 490M users, yet ad revenue "declined year over year in four of the five quarters and grew just 1% in the most recent one." **One side:** it may not matter, advertising is only ~10% of Spotify's business, and premium subscriptions (90% of revenue) are growing 15%, so "there's not as much of a need." **Other side:** management keeps promising more, and its VP of podcasts told Axios he believes podcasts will eventually drive "40% margins from ads." The hosts also flagged that Spotify only monetizes its *own* inserted ads, not the host-read ads inside big shows like Joe Rogan's, which carry far more listener trust.

**Debate 4, Does Walmart's ($WMT) ~40x multiple make sense?** On [Schwab Network](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiPoBbvuJeEZIhq1mC2FSOWymbBAUzRzTwQLIbK1IVAUfO7RpkLSPr1bsTo0blT-2B9JKhoHoBReYL5iCWAatKfqduJMWlrbar0t1GQx8Npt44Q-3D-3DQEv7_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObDMUEW1nu63OuE58nd4IyCC0udekbuY41msEq4IKGKxZvTxjT2kDkqOopq8iS7RC87FxOm8UdFEBk5iKdlI44-2BbVuahS32AIy-2FaTbL5x2c8Vy8IgKgxbyX3u1qT1tzdubQ-3D-3D) (Aug 19), Landon Swan of Likefolio argued the bull case rests entirely on the high-margin businesses, Walmart+ membership ("basically a hundred percent margin") and Walmart Connect ads ("estimates are somewhere in the 70% range on margin"). His memorable framing: selling "$5 in ads" can add as much to the bottom line as "a hundred dollars worth of groceries." The bear pushback in the same segment: the retail core (3-5% net margins, ~5% growth) simply can't support a 40x multiple that sits at "161% sector premium over its peers," so "this stock at this price cannot afford just pretty good... it's got to be almost perfect."

**Debate 5, In connected TV, is advertising really the growth engine?** [The Dan Rayburn Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjK8UAxmq5OKFbxzjDVkSnPmCUnhNgQmDrx2Tt-2FQgip44b91cYWKbiaheaVKkCLI-2BfcpO3tBrRDL4DItb5y8PQNWRHRmc7bcspw-2FV2lVwyn1A-3D-3DM-QS_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObPuIYXZQ6m7HE26lHmLMkAa-2FFy7Qh563yoTkAyAwC0l7-2FhSRh-2FSfbZoegYQvu3eGeLqhlCRMdrWFtYNu2QNe2OXLJRqtFW-2FS93VTscfweeavu1FKA5-2B-2FnMt9SinpEOtI6g-3D-3D) (Aug 16) poked at the industry mantra that streaming ads are where the money is. At Disney ($DIS), streaming *subscription* revenue grew 15% while advertising grew just 3%, with "impressions higher... rates lower." Co-host Mark Donegan found the CPM softness "fascinating" for such premium content, and noted Netflix ($NFLX) has "not been able to get a higher tier" of CPMs than other premium streamers, pushing the value toward formats like pause ads. The counterpoint: Roku's ($ROKU) ad sales still grew 25% in the quarter, and Fox's ($FOXA) World Cup quarter drove ad sales up 78%, though, tellingly, "it did not cover the rights cost that produced it."

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## (c) Tickers Mentioned

**RDDT, Reddit**

- *Bull:* Deeply under-monetized on 300M users; hit 30% operating margins years early; pseudonymous data still enables strong contextual targeting; possible upside from renegotiating its cheap Google data deal.
- *Bear:* Weak US users, stopped disclosing logged-in metrics, and heavy reliance on Google search traffic that AI Overviews are cannibalizing.
- *Source:* "TIP838: Google, Reddit, Amazon – Are Our Biggest Winners Still a Buy?", [The Investor's Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgQ0NzTR3jwpq5C53oOx2MUIhTiqlO59hxCmCx8D8fbBS2qFDO0ifWvuFvI95d4rpxmgTkav3bFgPCzVt2zJ9jsMydFTGWSFa-2F8dxkNnPDX5g-3D-3DTN9Y_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObLTYjw-2F-2BQ296MW41IThlTelQYkXLn9IeDyhACMW0csRjN3MdFZU3xQjx3keaLqDohc7cEYSOI36BsewdftWJHccw0aex-2FABVxvaz6sQzCydFrXPqnCIzyLvb9kTuJy8nug-3D-3D), Daniel Mahncke and Shawn O'Malley (The Investor's Podcast Network), Aug 16, 2026. Same debate on video in "TIVP091", [The Intrinsic Value Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgwd17L2Mz68G6qTZAk75v956lz1bNPpSAcwLKZi31D9KpercKABo0L4I32O-2Bwekd-2BNwH4xFcHIp0xjYAxTuH7hIxMzGkgmXkiRRRHmlY0k8g-3D-3Dkr_0_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObLJa4g3SQYrKNsE61BOUZxBP-2FbU-2B9lyAN-2BFcUc0ZN-2B4d5bnkMY4x5E3pcR-2Bu1ZHzjY7QvKI7zNHrGbqwzZLqIj-2BlfykqvR1XdZ8Nhk0IzrA5Mz7jHUjEBG5MveVf48JKVg-3D-3D), Aug 19, 2026.
- *Quote:* "If you just look at the earnings numbers and the revenue growth, despite users not growing that fast, it shows you how under-monetized this platform actually is." Also, on the licensing deal: "Google currently pays Reddit $60 million a year to use their data for their LLM results... I think they should get multiples of that."

**GOOGL / GOOG, Alphabet (Google)**

- *Bull:* Management says AI Overviews monetize as well as classic search; a billion Gemini users; still "one of the best businesses to ever exist."
- *Bear:* AI Overviews may be siphoning traffic from the open web and "cannibalizing itself," and click-through to source sites has fallen ~60%.
- *Source:*[The Investor's Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgQ0NzTR3jwpq5C53oOx2MUIhTiqlO59hxCmCx8D8fbBS2qFDO0ifWvuFvI95d4rpxmgTkav3bFgPCzVt2zJ9jsMydFTGWSFa-2F8dxkNnPDX5g-3D-3DSlXm_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObEwjYGQn1NbCRxMa3DVBG15OLM8B7vqhEkJWPLk-2Fw2CdOkVJvbNfR6j-2FzpaAVzQyIpzHxNaCglBZv1EfAXTw826BuRvHUMbY07kpPqKwHva1OPNFb6RGBoOTgJ5ZQzTzlg-3D-3D), Shawn O'Malley / Daniel Mahncke (The Investor's Podcast Network), Aug 16, 2026.
- *Quote:* "Google is almost in a way siphoning traffic from websites and kind of maybe cannibalizing itself in some way by... funneling people into Gemini chats."

**META, Meta Platforms**

- *Bull:* Its ad marketplace is a global-scale "verification machine" for AI-generated creative; LLM-driven predictive ad matching could add "billions and billions of dollars"; pays nothing for user content.
- *Bear:* If Meta generates content itself, that's a worse margin than free user attention; management under-tells its advertising story; all digital companies face long-run AI disruption.
- *Source:* "Ben Thompson on Big Tech, China, and the AI Boom Running Out of Money", [Invest Like the Best](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhgcQ1FvDSakfL0f7uVAu9Pb2VNkWO2DPfCB-2FlMKlJibojciPlTHbBXHRuHDuZh7rCb26IO59jaBxJHqjYgkdEAtOfbAZhXPlarvuG02sUqmg-3D-3D8aFN_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObJ-2FqegPAfeYH-2FatgaZDJ0l-2FZy9deCGLnv89caDqqC7edbOyuwmvwZsU-2BvJ9fi-2F1Pnk0tFAZMDzW3luod60KqRTKx2pCOXcWqfYbDNycYuHtSTFWpDVAjyeN4t6FMU63bVQ-3D-3D), Ben Thompson (Stratechery), Aug 18, 2026.
- *Quote:* "The potential upside in terms of showing people better ads that are more relevant to them, they only need to increase a few percentage points for the returns to be billions and billions of dollars."

**AMZN, Amazon**

- *Bull:* Amazon's ad file is becoming "one of the world's largest commercially available consumer behavior graphs," with Amazon DSP expanding into CTV and Amazon Marketing Cloud now offering a five-year look-back, pulling in non-endemic advertisers (Pfizer, Geico, Emirates, Chase, McDonald's).
- *Bear:* For sellers, Amazon "squeezes" margins and withholds first-party customer data; endemic advertiser base is nearing saturation.
- *Source:* "I Downloaded The Data Amazon Has On Me", [Retail Media Breakfast Club](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhuXM2CWqbjnjWFkOTWr1VGiI7Dw8grKs46NFWG8I6ent9nI4hcaFvlwf-2Fyi0wSX1MUzjeTYtyULCcdgvm3OcHk89FGfxOtvWvu086ExNSgLA-3D-3DBnQt_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObAtIWHQkpdQPymmR9wRlkYvyx50SROfm-2FrvxTnUOahzA4nnribioF0wM-2BmWW4i9QKjFrfaxwBj2-2FSexGjBPxtfDdwWNPZv370YCPuzCteJQCjZnTW8UuiK-2FI4UsFd-2BDzBg-3D-3D), Kiri Masters, Aug 19, 2026 (with a seller-margin critique on [DTC Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgo3eTi7p9XC-2FgAh9i1BXN4x7-2Fb0GEpfnLxiBAmfwjfylH3VKVcR1aKvp2aLSpD-2Fsug4OlLNwXTbBpXDQxcTVBuzlSHHoUyBws2UBmjpDP9ng-3D-3DTKBT_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObKbelf-2F6zzjqOSTi-2FyaVAStuSXEp1IeG-2BQ0xJhKQGxC-2F9jmEaGavEBOKy3Iggw49UK7NTJlEXx0OacZDJQu6Ilpn0xcOoTcLN0M5fzl4aZgoWS0ZsLF5Onrj9jvIfvWRwA-3D-3D), Aug 20, 2026).
- *Quote:* "What advertisers buy from Amazon stopped resembling a retail audience and started resembling one of the world's largest commercially available consumer behavior graphs."

**SPOT, Spotify**

- *Bull:* Total revenue up 14%; podcast ads could reach "40% margins"; the smaller-but-loyal "nano" audience trend could spark another wave of podcast ad growth.
- *Bear:* Ad revenue is stuck (down YoY in four of five quarters, +1% most recently) even as ad-supported users grew from 420M to 490M; Spotify doesn't monetize the trusted host-read ads inside big shows.
- *Source:* "An Advertising Disconnect?, The 3 Big Questions for Spotify", [Behind the Numbers: an eMarketer Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOg-2FkO4Y50P8Td8hGuohr36nawuWmBlKifu71OVUn3cykjLFVYEeBArv9L3M03Nmd6ySk6fBYID4PX0zXdTE8chg4fTLpEtm6zMW-2BpZCItwy-2FQ-3D-3DX7IF_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObADR84D6GMrs3JXmUMpkY-2Blb7-2F88HilSg-2FGzdZG8f9JQ8ZE2wexMo4FI0-2FlXFCOQdP8W5Y5EaP-2FIKN2jnPRC6JZLKUWnPvYvGiHWJcs-2F-2BbAzO7Qc-2BmSVvHI0Obb-2BGxXDJA-3D-3D), Marcus Johnson and Daniel Konstantinovich (eMarketer), Aug 17, 2026.
- *Quote:* "Over the last five quarters... Spotify has grown its ad supported user base from 420 million to 490 million users. Yet over that same period, ad supported revenue has declined year over year in four of the five quarters and grew just 1% in the most recent one."

**WMT, Walmart (Walmart Connect)**

- *Bull:* Walmart Connect ads run at ~70% margins and, with Walmart+ membership, justify the premium multiple; "$5 in ads" can match "$100 worth of groceries" to the bottom line.
- *Bear:* At ~40x earnings and a 161% premium to peers with 3-5% net margins, the stock needs near-perfect execution; core shoppers are trading down and buying fewer units.
- *Source:* "Ca$htag$: TGT & COST Demand Giving WMT Run for Its Money", [Schwab Network](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiPoBbvuJeEZIhq1mC2FSOWymbBAUzRzTwQLIbK1IVAUfO7RpkLSPr1bsTo0blT-2B9JKhoHoBReYL5iCWAatKfqduJMWlrbar0t1GQx8Npt44Q-3D-3DxEt9_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObDTXAsJ4RKhiUw3uUj9XRiZZh16364YHF6-2BWVR7eYIWt-2BD1kPck62Y1XPVVlgd57rUZMda82Z9o5d2RmW6OeliiZWGSweQV-2Fp9Po-2Bmu1txKam2U3LXg4NKH-2F-2BW8daKzWJw-3D-3D), Landon Swan (Likefolio), Aug 19, 2026.
- *Quote:* "Walmart connect the ads platform, which... estimates are somewhere in the 70% range on margin. And so if you think about... Walmart selling a hundred dollars worth of groceries, that might add the same to the bottom line as them selling $5 in ads."

**CART, Instacart**

- *Bull:* Leading off-platform retail media with deterministic, logged-in shopper data activated across The Trade Desk, Roku, Pinterest and TikTok; 79-90% of its digital audience is incremental to physical retail; drove a partner brand to double ROAS in-flight.
- *Bear:* (Not argued as a stock bear case; the friction cited was industry-wide, territorial retailers and ROAS-vs-incrementality confusion.)
- *Source:* "Instacart's Adam Silverblatt & Media, Ads & Commerce's Andrew Lipsman – Live from Cannes Lions 2026", [The CPG Guys](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOj-2BNc-2BvQwqeNUW1mdBZQLrAA-2BAbkJyDYtQo9D2UVGhZpRRgOkQUy0Qu2TmoOux0uKjxy5kL-2BaumiYay-2Fy4-2BMc2PcTVf2iz6uD72mmUQQ168Fw-3D-3DnCld_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObCLA2bxsqx4nUsUz2-2FOiBXEb1yUr1X-2F5jWicRxgoNtjkfmGL39nKvm3erXRmkzTGcCBuf0RPnTHkXy0ExRhl5sy2xA-2FA1-2B7ai57ZNsqLNQ-2FtAWZ5A7Bc6MB01Nk7-2FfEx-2BQ-3D-3D), Adam Silverblatt (Instacart) and Andrew Lipsman (Media, Ads & Commerce), Aug 22, 2026.
- *Quote:* "We recently partnered with Deep Indian Brands... they turned on what we call our conversion API in-flight optimization signal within the trade desk. And what they were able to do during the campaign is optimize so that they doubled their ROAS and they were able to reduce CPM costs by a significant amount."

**TTD, The Trade Desk**

- *Bull:* Central hub for off-platform retail media activation (Instacart and others plug into it); building publisher-direct and commerce-SSP connections (e.g., GoPuff on-site inventory).
- *Bear:* A legacy DSP criticized for throttling impressions and limited transparency; potentially exposed as DSPs and SSPs consolidate.
- *Source:*[The CPG Guys](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOj-2BNc-2BvQwqeNUW1mdBZQLrAA-2BAbkJyDYtQo9D2UVGhZpRRgOkQUy0Qu2TmoOux0uKjxy5kL-2BaumiYay-2Fy4-2BMc2PcTVf2iz6uD72mmUQQ168Fw-3D-3DFgcV_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObCieFqcF8n3Js3uOLDyL2RsamIhfeL-2BCCtj-2BNj3TTgbQZtNKZz3b9ouSIMya0wB95BnFSS7Jdop0AtCgOjYhNt69DL7-2FZgNdfNhhZRzpljjqnRJtpNnE8K18jbBab57OEg-3D-3D) (Aug 22, 2026); critique on [Retail Media Breakfast Club](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiO7RMBgU5R0nIq55susV-2FbiWk50egZLXfi7crzQabcrDrbQIiHSL2445pSOqD1lAToGQsev-2Fu3oxygJE959JpY6Dxy-2FVXMCX7jP5OoFfAb-2FQ-3D-3DmO4N_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObKapSzl4-2Fq7liuhRKjarj8LvBCgP75pPYbCUny5v5FOwIm0mWsCTfDCUG-2BLKskvA6HkS0LzWWJWRe035HVXQTLuc-2Bjv54sWg-2FOXXqT7R7fvbyIHsbfQmtLvt1n6smqn0dQ-3D-3D) (Aug 18, 2026, Scott Messer / Jana Meron) and [Open Market](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjgzdTz2j1Oq4RlPeMIXcd-2BbixKm47sh5N4hsJrPvqvTpgyZKSnHa344AlZsLqPtCms294q3H9jGFaPPFzCwK-2Bp3KEucMFWF-2BcbakcTx1IgRg-3D-3DlkYn_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObKzxlx1TVjVMO58yc-2B-2BXJNluo7KCgOmf-2FtcAD1ydLQdzPw62CDm5qFqfsuVMmv5SroEr-2FrG26d-2BTYRlaBPaFPCLM7JqvEfVXhQdit3aDRLIO8g13Rl291q6AD8Q7dmIvbg-3D-3D) (Aug 19, 2026, Doug Lauretano of Tuple).
- *Quote:* "You're seeing more DSPs go publisher direct... Trade Desk, Viant now with its new product. Pubmatic is even... through its agentic thing... it's collapsing the entire ecosystem." (Scott Messer)

**PINS, Pinterest**

- *Bull:* An activation destination for retailers' first-party data, Home Depot's Orange Apron Media put 20+ first-party audiences into a beta with "Pinterest Media Network Connect," the first social platform where brands Home Depot doesn't stock can target its shoppers; also named as an Instacart off-platform partner.
- *Bear:* (Not specifically argued this week.)
- *Source:*[Retail Media Breakfast Club](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhuXM2CWqbjnjWFkOTWr1VGiI7Dw8grKs46NFWG8I6ent9nI4hcaFvlwf-2Fyi0wSX1MUzjeTYtyULCcdgvm3OcHk89FGfxOtvWvu086ExNSgLA-3D-3DMkd6_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObLs6aS4JzMzIyOi2pvI2A-2Fj2xakw5wGbhUN6K0cErYqsqikwc24MheT2z3M-2BKhtFaC-2F2WkhPTNDOAj-2FUWpKqpLQQM97nh9gS4drFK-2FON-2FbiCsqA-2BrNc7WOT9vd1jXZI-2BIg-3D-3D) (Aug 19, 2026) and [The CPG Guys](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOj-2BNc-2BvQwqeNUW1mdBZQLrAA-2BAbkJyDYtQo9D2UVGhZpRRgOkQUy0Qu2TmoOux0uKjxy5kL-2BaumiYay-2Fy4-2BMc2PcTVf2iz6uD72mmUQQ168Fw-3D-3Db_tA_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObE8fDz2KQpz3no5h4PsDkqIu2yGbzKHSVk9iOyOVIk-2FJPe3E-2Bim0q6F7W2L2xE54KH-2BdWxwFIxCqtHRLt4-2BviPJvfL7fTK7NKP4hdiCKK3EHPPgmkX1pgHdDXudjOWk0iA-3D-3D) (Aug 22, 2026).
- *Quote:* "The Home Depot's Orange Apron Media put more than 20 first-party audiences into a beta with Pinterest Media Network Connect. And so that is the first social platform where brands that Home Depot doesn't stock can target Home Depot shoppers."

**CRTO, Criteo**

- *Bull:* First ad-tech partner to serve ads inside ChatGPT; doubled its ChatGPT advertiser count from 1,000 to 2,000 in a quarter; core strength in e-commerce and retail media.
- *Bear:* ChatGPT ad revenue is still immaterial, management says it "would not be a significant portion of its earnings this year."
- *Source:* "AI is all over earnings calls. AI ROI isn't, with Garett Sloane", [Ad Age Insider](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOh-2B8mD1leSQJ3h3oNtmdqeJ0ROuxFoj1Bz941b-2FvZ2ucJSxGKObcBMkd-2Buk7INOPCGByjTUlenAJLoWU4nnK26Z3uUKzMhpNmeG-2B-2BGk-2FQxyjw-3D-3DHz35_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObOj-2F0mDMkmnce-2B-2BAj5fpd1RtS-2FlON93tPN0vREXISde8D98m4G9ODUGpA4L3HEFT5ltbuD9p6v-2BHwiHAn3dlOVyBzH5-2BvtEt8XHXwKAdObjiOnkGP1TPqiA60FMQOsN0Pw-3D-3D), Garett Sloane (Ad Age), Aug 21, 2026.
- *Quote:* "It doubled the amount of advertisers in the last quarter from a thousand to two thousand going to ChatGPT and buying ads. That's two thousand just from Criteo... Now, Meta has 10 million plus advertisers."

**PUBM, PubMatic**

- *Bull:* Positioning agentic trading as a fast-growing segment, claiming "80-plus agentic campaigns"; embedding a DSP inside its agentic offering.
- *Bear:* Agentic volumes are still tiny relative to the overall market; unclear how much is genuinely automated.
- *Source:*[Ad Age Insider](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOh-2B8mD1leSQJ3h3oNtmdqeJ0ROuxFoj1Bz941b-2FvZ2ucJSxGKObcBMkd-2Buk7INOPCGByjTUlenAJLoWU4nnK26Z3uUKzMhpNmeG-2B-2BGk-2FQxyjw-3D-3DIDmq_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObPtz9JLKLs-2Fb-2BIYKJwMJjZto-2FOOd-2FRB-2BzNEoET-2FFegXtOAaZI7vfFXK5grq1KwIHmsPjc0G9HIJ96kmgwgHz7-2Ffj1WkFRlNeRGIdErAFegP9hQqN-2BTDuDw4Hkz2UjL3JNg-3D-3D), Garett Sloane (Ad Age), Aug 21, 2026.
- *Quote:* "Pubmatic is touting agentic trading as a fast-growing segment. They say they're already seeing results from it. They're saying they did 80-plus agentic campaigns."

**MGNI, Magnite**

- *Bull:* Named among the supply-side platforms rearranging the ad-tech supply chain with agentic AI; a core node buyers would route agent-driven media through.
- *Bear:* Like peers, real agentic dollars remain minimal versus the trillion-dollar market.
- *Source:*[Ad Age Insider](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOh-2B8mD1leSQJ3h3oNtmdqeJ0ROuxFoj1Bz941b-2FvZ2ucJSxGKObcBMkd-2Buk7INOPCGByjTUlenAJLoWU4nnK26Z3uUKzMhpNmeG-2B-2BGk-2FQxyjw-3D-3Da7GX_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObBcqqmuydRvr9XJkqZNAiFF0DzfwqDYSt8MibNG5MZVBdxiOO1C3VxaTZfEe3t7grmt-2Bz59OHJuvlqm0Be7PfY3T2m1MrPwwZtU3LZnc67O52d-2FUjw0jI79cURU5-2FzOfhg-3D-3D), Garett Sloane (Ad Age), Aug 21, 2026.
- *Quote:* "You're seeing that in the companies that reported earnings on the ad tech side, Criteo, Magnite, Pubmatic. These are the supply side platforms working with the publishers to sell media inventory. And they're using Agentic AI to rearrange the ad tech supply chain."

**ROKU, Roku**

- *Bull:* Record quarterly net income of $164 million (fifth straight profitable quarter), ad sales up 25%, platform revenue up 25%, trailing free cash flow of $704 million; pending Fox acquisition seen as positive.
- *Bear:* No longer hosting earnings calls or giving guidance ahead of the Fox deal; the stock is effectively capped at the agreed acquisition price.
- *Source:* "Episode 179: Recapping Earnings from Paramount, WBD, Fubo, Roku, Fox, EchoStar", [The Dan Rayburn Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjK8UAxmq5OKFbxzjDVkSnPmCUnhNgQmDrx2Tt-2FQgip44b91cYWKbiaheaVKkCLI-2BfcpO3tBrRDL4DItb5y8PQNWRHRmc7bcspw-2FV2lVwyn1A-3D-3D-c0Y_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObF-2BDAB6NDJmv3jtHewFpwE1ROhkUN4nx1tKuEHlyBrXV5yteHJjoaqrgVZO1Ot1yd9VVOwVpp9Ag7AotV91X-2FCtqDPZ-2BdqD89h-2F56GQTYRgfJO5VNoYNt5cUU5b0yEw6bA-3D-3D), Dan Rayburn and Mark Donegan, Aug 16, 2026.
- *Quote:* "Roku had Q2 revenue that was up 22%. Net income came in at a quarterly record high of $164 million... Roku's platform revenue is up 25%. Ad sales revenue is up 25%... its subscription revenue is up 26%. That's an amazing quarter."

**DIS, Disney**

- *Bull:* Streaming operating income more than doubled to $712 million; subscription revenue up 15%; ad impressions rising.
- *Bear:* Streaming ad revenue grew only 3% with "impressions higher... rates lower," a surprising sign of CPM softness for premium content.
- *Source:*[The Dan Rayburn Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjK8UAxmq5OKFbxzjDVkSnPmCUnhNgQmDrx2Tt-2FQgip44b91cYWKbiaheaVKkCLI-2BfcpO3tBrRDL4DItb5y8PQNWRHRmc7bcspw-2FV2lVwyn1A-3D-3DKh6u_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObAvEu6sw2BhaLURjuJmVLBMolyiGKtYAgDA7Oz1qqRqfH-2FMcZyt-2F4M6-2FPv1HiUHcwDhJ8hz3uf7kofOMvlsHduenEoEbZZjg33any-2BAMGJG4hkx3gxPxrKJtbX4fNqD6-2BA-3D-3D), Dan Rayburn and Mark Donegan, Aug 16, 2026.
- *Quote:* "Advertising revenues up 3%. They also said impressions were higher in the quarter and rates were low."

**NFLX, Netflix**

- *Bull:* Highly premium, devoted audience; growing use of high-value formats like pause ads and "squeeze-backs."
- *Bear:* CPMs are only in line with other premium streamers, not higher, Netflix "has not been able to get a higher tier."
- *Source:*[The Dan Rayburn Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjK8UAxmq5OKFbxzjDVkSnPmCUnhNgQmDrx2Tt-2FQgip44b91cYWKbiaheaVKkCLI-2BfcpO3tBrRDL4DItb5y8PQNWRHRmc7bcspw-2FV2lVwyn1A-3D-3D3SpX_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObOvROKoC0evvlAD7htDS1T6hH4VgrkeYyxblx6oRzHLqRUV4lM2oPPcogZdy-2BiRlLP36ildhm-2BVK2C8oin57C6xUtrQdJqq5pOjpwUx6IHF3cadmtGQra2oulZ3ZKBKy1Q-3D-3D), Dan Rayburn and Mark Donegan, Aug 16, 2026.
- *Quote:* "From what I've been told, the CPMs across Netflix are similar to the other premium content sites... They've not been able to get a higher tier."

**FOXA / FOX, Fox Corporation**

- *Bull:* Best-ever advertising quarter, total ad sales up 78% and TV advertising up 108% on the FIFA Men's World Cup; acquiring Roku.
- *Bear:* Even a record ad quarter "did not cover the rights cost that produced it," and quarterly profit still dipped 3%.
- *Source:*[The Dan Rayburn Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjK8UAxmq5OKFbxzjDVkSnPmCUnhNgQmDrx2Tt-2FQgip44b91cYWKbiaheaVKkCLI-2BfcpO3tBrRDL4DItb5y8PQNWRHRmc7bcspw-2FV2lVwyn1A-3D-3DaGKh_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObLZ-2B8zEL1VdVRo8-2ByzNAroNZ5dLNiImsC0WyueHl5bRHqXEdT-2B-2BXQ8JyLwy3AhhbWzx9tGQ19S2AFz8n4WT0G4gVQVPkCHdIkmFwKbgbLz7gMlkpq1umsgjFzWlnK81dQg-3D-3D), Dan Rayburn and Mark Donegan, Aug 16, 2026.
- *Quote:* "Their ad sales were up 78%... And just for TV advertising, it was up 108%... the fact that Fox had their biggest advertising quarter ever. And yet it did not cover... the rights cost that produced it."

**Other ad-adjacent names mentioned:**

- **Colgate-Palmolive ($CL)**, cited on [Ad Age Insider](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOh-2B8mD1leSQJ3h3oNtmdqeJ0ROuxFoj1Bz941b-2FvZ2ucJSxGKObcBMkd-2Buk7INOPCGByjTUlenAJLoWU4nnK26Z3uUKzMhpNmeG-2B-2BGk-2FQxyjw-3D-3DcMHf_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObL0I5ijgsHhWv8j1zeplgi-2FAc9Xqasx7sxPHbSB6kGQv4Yns8YH1ShWlmlQ-2BAQAXuoQkDw-2FmWwTpM1TRW7a1O0WVGco6E574PQt9WBjuSEZipt3OKBbdJZaRyd88H3Twlg-3D-3D) (Aug 21) as a CPG advertiser leaning into AI marketing via a platform called "Promo AI" and sending its VP suite on a "vibe coding retreat," while struggling to see AI move business results. Booking Holdings ($BKNG) and Shopify ($SHOP) were named in the same earnings sweep.
- **Warner Bros. Discovery ($WBD)**, on [The Dan Rayburn Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjK8UAxmq5OKFbxzjDVkSnPmCUnhNgQmDrx2Tt-2FQgip44b91cYWKbiaheaVKkCLI-2BfcpO3tBrRDL4DItb5y8PQNWRHRmc7bcspw-2FV2lVwyn1A-3D-3D3qOf_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObEeqHdx3xyBUURIzsWBaVHOA-2B5xriYLSI7RRlCc2bW8eiNZawGnsZ5c3egOWzrR1od4xFo78DK2SjZDTkvx-2BYlifiXiy345MxfPvFPQX99DLL0WQTGLCJGASeoTTgP3L4w-3D-3D) (Aug 16): streaming profit up 75% to $512M, but advertising revenue down 22% (loss of NBA on Turner). Paramount Skydance ($PARA) and EchoStar ($SATS, Sling TV) also covered on the same episode.
- **Viant Technology ($DSP)**, repeatedly named on [Retail Media Breakfast Club](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiO7RMBgU5R0nIq55susV-2FbiWk50egZLXfi7crzQabcrDrbQIiHSL2445pSOqD1lAToGQsev-2Fu3oxygJE959JpY6Dxy-2FVXMCX7jP5OoFfAb-2FQ-3D-3DFM0V_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObFsQPREOjODG36Va2GBFe-2BNo-2F9b86tv3zdBmBrOnD2jvzzfETEMstpJzHNRVXOWWEpnwVPXGbL6kzQZQZR2d0aALkAIDRJz60Jh37Nx-2F1LuV9bdlLF2wrLBdCBuuJdY7lw-3D-3D) (Aug 18) and [Open Market](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjgzdTz2j1Oq4RlPeMIXcd-2BbixKm47sh5N4hsJrPvqvTpgyZKSnHa344AlZsLqPtCms294q3H9jGFaPPFzCwK-2Bp3KEucMFWF-2BcbakcTx1IgRg-3D-3DSAot_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXeUbmJVlYz-2BpNaPLHnF9ORM4u4811Msf9w2F1rRjwObNZNuQgT1pnCdRjfOS6MKEQ07PGAyeOo4fuvCB6byes94v7yAvnBo5eh2bVzFHEX8Il390NN-2BDbNd1bMRm765NfOeyRQbcfBy0QY8DlBNoxRQi9ROdWOPtSaCeby1tfcvw-3D-3D) (Aug 19) as a DSP going publisher-direct, and, like The Trade Desk, criticized for impression throttling.

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