# Podcasts Say AI Is Boosting Google Search as Ad Agencies Face an AI Reckoning - Weekly Online Ads Podcast Recap - Week of September 21, 2026

> Weekly Online Ads Podcast Recap for the week of September 13 to September 20, 2026. Podcast synthesis on the unwinding of the AI-kills-Google-Search trade, AI turning the ad agency holding-company model upside down as WPP Production grows and PepsiCo moves to Publicis, Amazon Ads extending campaigns into ChatGPT, generative ad creative from Adobe and Canva, and the return of media mix modeling.

## Weekly Online Ads Podcast Recap

### Week of September 21, 2026: Podcasts Say AI Is Boosting Google Search as Ad Agencies Face an AI Reckoning

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*Coverage window: podcasts published September 13 through September 20, 2026.*

## Executive Summary

* *The "AI will kill Google Search" trade got unwound in public.* Two detailed Alphabet deep-dives argued the opposite has happened: Google's Search-and-other revenue is compounding at *~14% a year*, and Google now runs ads above, below and *inside* its AI Overviews, something ChatGPT still doesn't do. The DOJ antitrust outcome (no Chrome divestiture, only distribution limits) removed a big overhang. The new bear case is *margins*, not revenue: AI compute is expensive and ~$200B of capex is pressuring free cash flow.
* *The agency holding-company model is being turned upside down by AI.* Sir Martin Sorrell (S4 Capital, ex-WPP) says the majors depend on old TV-production work for "a quarter and 40% of their revenues," exactly what AI replaces. WPP's own H1 2026 numbers tell the story: Media −5.4%, Creative −4.9%, but *Production +1.6%*. PepsiCo yanked *~$1.7B* from Omnicom to Publicis after 25 years.
* *Retail media is eating the budget, and the "shelf" is moving into chatbots.* Smaller brands now put ~50% of trade budgets into retail media. Amazon Ads + OpenAI launched a *U.S. pilot putting ads inside ChatGPT* (Delta Vacations testing), as Bain finds 24% of holiday shoppers now start product discovery in AI tools (up from 17%).
* *Generative ad creative: tools that hide inside the workflow win.* Adobe posted record *$6.76B* revenue with AI-first ARR more than doubling. Canva's counterpoint: 90%+ of customers can spot AI ads and "would rather buy from an ad that's not as good, but real."
* *Measurement is broken and being rebuilt by hand.* Best line of the week: "MMM is the mullet of measurement, it's back in style, but only because everything else stopped working."
* *Top tickers discussed:* GOOGL/GOOG, AMZN, META, MSFT, ADBE, OMC, IPG, WPP, PUB (Publicis), S4 Capital (SFOR), plus AAPL, SPOT and APP in passing.

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## (a) Dominant Themes

### 1. "AI killed Google Search" was the wrong bet, and this week the podcasts said so out loud

The single loudest narrative was a reversal of the 2024 fear that chatbots like ChatGPT would gut Google's search-advertising money machine. Two long Alphabet deep-dives (one audio, one video, both with analysts Kyle Grieve and Shawn O'Malley) made the case that the opposite has happened.

* Google's "Search and other" revenue has grown at a *14% compound annual growth rate over the last two years* and "doesn't really show any signs of slowing down," per [The Investor's Podcast (We Study Billionaires) - The Investor's Podcast Network](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgCHkGJwle0BkCbvcSIxR0mKb-2FSUbkXpMMm92vAE0gaVigZdFe5sKtH3rU25WZsC4kiRaZjxRcFUiOai5a3see43Bf5EpoHc9-2FIzS6vjGstLg-3D-3DaoCU_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7BE0DlP9elrNDkkeEbVDoCH9yULty8xI0VcDhc9DCbx2aWUTO7hnCf-2Fpf0rI9XuKJxGMLdKpclgJEGBLNlmOOwQiW5PMyc4OtlKBmSm9g7yDwEdErumS1lWRDUKnfjQ9SA-3D-3D) (Sept 17). (CAGR is just the smoothed yearly growth rate.)
* The key insight: Google puts ads *inside* its AI answers. "Whenever you do a Google query... you'll get an AI overview. Google has ads that will show above or below the AI overview, as well as just inside of the AI overview." ChatGPT launched without ads at all.
* A host confessed he'd been "a bit of a Google search truther back in 2024, telling folks that ChatGPT was obviously going to disrupt Google. And then actually, my thinking came full circle... you had this narrative that AI would kill search, but it's just really the opposite is what has manifested." (Kyle Grieve, [The Investor's Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgCHkGJwle0BkCbvcSIxR0mKb-2FSUbkXpMMm92vAE0gaVigZdFe5sKtH3rU25WZsC4kiRaZjxRcFUiOai5a3see43Bf5EpoHc9-2FIzS6vjGstLg-3D-3D3YeD_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7BCWZooCkAArUqBdZNrifIedC8OrvNHmHNFF-2F-2BcUGn3HZD-2B7-2BeI9B3WrmUUWV0Zgrxdg0mjH5LnsyliCxp4oqDicEVJzb39Ncxo98x3I81cNuj457eb1xEpR8rHlZ9hR7A-3D-3D), Sept 17)
* Why it matters: the most valuable searches (restaurants, product reviews) are exactly the commercial queries Google monetizes best, while long chatbot conversations are "really not particularly appealing to advertisers." Video version: [The Intrinsic Value Podcast - The Investor's Podcast Network](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhGzQMOGWKChMf06tttRUYIifdgT30iJfWyycofsi9CTkyqIotj0KEWQPPjBCKm26V1nc-2FGUZhQGJzQOYn-2F5LC1f-2B8ZRkzeh9ugdTKFQDpSow-3D-3DUbyr_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7Kf80A1XwQagjMkUZ09EzSgGgGICdrEmbYu0kFVzP0smyJND8MM8-2BwDLVabSYbEgbG4biLMiCyM1PVQ-2B7EvqwSxScSmYQ0K0LsPiwRXOdcNHeGiyUJVV00hjBrlTSCXaGg-3D-3D) (Sept 20).

### 2. The advertising agency business model is being turned upside down, and AI is the accelerant

* Sorrell was blunt: "the agencies that I grew up with, whether it be Saatchi or WPP, their models are traditional legacy models, which are under huge strain. They're models based on time and materials... We were paid to prolong, not to shorten. AI shortens all of those things." ([The Geopolitics of Business](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjothTUAv-2BOqyYLIQyj242i6dUfX6c-2BzCH2gxJtFo2sSf6EyZcFcgi2BiRoWMQlV6bJAkHGZv9UO0eVHVk4IQQXq0SzbNR9wTMft5s-2BgMbYdw-3D-3DvBAU_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7OSZ6Y6la99BSRn0yE455XKh1bt7XNNWikvxhjsPWNAanot6qQg6sqe4ru5OkuhjpkHJwmkXDSqHn8vktgzdrnTHLwJQyOg8j3hK8pWDhtxvbXp0VFUGdT2MPS8CYYBLzQ-3D-3D), Sept 18)
* The exposure: the ~five surviving holding companies "all depend to a large extent, something anywhere between a quarter and 40% of their revenues" on old-fashioned TV-commercial production.
* On [Technically Creative by KoobrikLabs](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjr3GbFk8PoAHNYU-2FDap1Z1CsGDkkCNm9e7TWuRm0qR2z-2B4kzqAb9O5U46dqpMbepems4Ogl7gharmW6dJ0yUv-2BjdDr8KPtC4dTBWYVGvwXyw-3D-3DAUes_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7FhOEunseRs0nGZd7dOwaaEQJ1gQztKK682fgnl8MOiD-2Feb5VC-2Bk5tjYg4mAXAhpvXOmSAQUzeBD4etUmvSHjptmTX-2B0ExgCInIbzwMOIHNmaTXg4MVR-2Frceo3ahu57Hlw-3D-3D) (Sept 14), Orlando Wood showed the math driving production in-house: in H1 2026, WPP Media *fell 5.4%*, WPP Creative *fell 4.9%*, net revenue *fell 4.7%*, while *WPP Production grew 1.6%*. The boardroom logic: "The bits selling traditional agency services are shrinking, but making the stuff is growing. Perhaps we should make more of the stuff."
* Consolidation is visible: Omnicom (OMC) closed its Interpublic (IPG) deal late last year, and this week PepsiCo moved "roughly $1.7 billion of global media, data, and technology business from Omnicom to Publicis after approximately 25 years." Publicis is stepping away from Coca-Cola's North American media business to avoid a conflict.

### 3. Retail media is eating the marketing budget, and the "shelf" is moving into AI chatbots

* Mike Chasen of agency Keen: retail media ROI "has been really strong, oftentimes exceeding the ROI that you might see on other tactics." Brands under $50M in revenue now put *~50% of retail/trade/shopper budgets* into retail media (vs 15–30% for larger firms), with a *~30% increase* expected, much of it net-new money. ([The DTC Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhZ-2FJ5Ok-2Fe5MZWr8Fddfoy7n-2FMxtNOCIYiCDPpLuH4Vh5IBAg4lm-2BuULxyZyoGSzkwzh79ybhUUecxXyO5AmStdpAufARt7RDxhQH4PokMfYg-3D-3D4LoE_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7O4yMEh6BWlwrwNWzN5t73Qo8JBIGhmeW65B-2FcN8XVBqF3HxLtkspfNgyXnmasEDPsoRrfwj7UciQm7fMY7m0u5-2FUornKzQ0WIj-2Fo6bQwpeXvOiMZAFR2An1veka5xkuYQ-3D-3D), Sept 17.)
* Amazon Ads and OpenAI launched a *U.S. pilot letting select advertisers extend campaigns into ChatGPT*, Delta Vacations among the first. "The AI shelf is becoming paid media before most brands have learned how to earn placement there organically." (Will Haire, [Selling on Giants](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjoap2LU8YgMRkS7O9-2FRQyEidVL5XN8wrIBOOoVbfkt0EnVEzuc1bMctLkHqTkvcAG1HON59BmrYK6HH5ECdYuUi5qNi1Cr9UoobjQ2KMPduQ-3D-3DyoJ3_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7LkAAwuRsZv-2BoGzRNSQ9sQYmKPWhZsDVV8SNizkb85tKZU7-2FPVXFQgBvdH6Xe2depRt-2BkE32xSUMgx4cPAnznKskmF2iwsiwVXJLJ1gHlXzXn0qKgL6QRfI6JXmbn6D9WQ-3D-3D), Sept 15)
* Backdrop: Bain found *24% of holiday shoppers plan to start product discovery on generative-AI platforms* (up from 17%); Deloitte expects U.S. e-commerce to grow 7.5–8.4% this season, up to $318.9B.

### 4. Generative AI for ad creative: winners "disappear into the workflow" and keep ads human

* Adobe: Premiere Pro 26.5 now generates video and sound effects in the timeline; Adobe posted *record quarterly revenue of $6.76 billion*, beat and raised, with AI-first ARR *more than doubling year over year* ([Technically Creative](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjr3GbFk8PoAHNYU-2FDap1Z1CsGDkkCNm9e7TWuRm0qR2z-2B4kzqAb9O5U46dqpMbepems4Ogl7gharmW6dJ0yUv-2BjdDr8KPtC4dTBWYVGvwXyw-3D-3DCgFW_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7MSJ0F9DOz1HpqViX-2B2MGxNhT3bEHqbUkznxvMPBdHvQWK8hUxC2WP8rseXn5PzoOCc9SN5EZSpBLzfG179-2BxwRI5gLw9c4-2Fs-2BPkNJ4wl8O6s0T3Jv8agnRHwfUyRMjrig-3D-3D), Sept 14).
* Canva's counterpoint: "Over 90% of customers are saying that they can tell when it's AI... they'd rather buy from an ad that's not as good, but real." (Meghan Gendelman, [Marketing Beyond with Alan B. Hart](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhlSlQn6j-2FrHJBJtp4ugV4M6P2zuCfQNfoa8jxRbG-2FmuAA4U7guWXLxiEzfoTp-2BKDJwELFddIY2li6nHD2y9Kn3hD2gZIT7SlZP2qwkSNDlPw-3D-3D-UDV_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7EA0utw7TUNfGkE3ODSMMkEShWPe9OIXum9O0UpJLHbsUGs-2BBjYvq0fqD49lV4e9VD5-2BeFQLBCR95aHnly-2BVP7czI2YmYhpxYLpusu4QemTv3w-2FsYw-2Fc6ykX1W-2FIhdp74A-3D-3D), Sept 16) Canva now has *260M users across 195 countries* and *95% of the Fortune 500*; a separate exec cited *40 billion AI-usage instances* ([The Modern Customer Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOg2RC8MpZsZNU64OA43EXzch6hM7NyHc-2BdVSHb8okUAhQov7DsCiK-2Bt8-2BhH3XGIhTTYNKaRpdbpkaJTBL87-2BXZHPwWQhyKb4eLHeAPLMQ8LOQ-3D-3DsLFt_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7HVrW1BHYqwIEojV5bOXDYQ2LdCpLylSp-2FUga7e9MOLCepH8z0dOYiswFvJ1r1mRZccPvKGM9Doly4CXxwjOH48jmw2ftDxgfLqQY0iRJpoYe9gZ0mxi3s4pUwejnhUdhw-3D-3D), Sept 15).
* The value shift: "nobody needs a faster printing press. LLMs are doing that for you. What you need is a printing press that'll help you translate your content into 80 different languages."

### 5. Measurement is broken and everyone is rebuilding it by hand

* Best line of the week, from Masterclass's Brad: "MMM is, like, the mullet of measurement. It's back in style, but only because everything else stopped working, especially, like, user-level tracking." ([Media Roundtable](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhLfvwwQsWT8JExuOgWZt-2B6uaufMCTd7LP-2BFVoy9Xl-2BpnN-2B39F9zGkRwZnKa1GvglgyNY58YbRmu3lbgEhR86N9Csj85xqwfbOflGImV48tDA-3D-3DWXwy_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7PZ95APyhtxbqmoHP67evUS3kmjJCME4h0EzP9ne7B09N3jDmNBNn9UT8mUs5Z-2BMUwZzVllUwDh83IDnEI-2Fd3YD1FwDHCShAP9ZUTgMTgMqFuY-2BADPe-2FUBed1mAvp7yDxQ-3D-3D), Sept 16.) (MMM = media mix modeling, a statistical way to estimate which channels drove sales.)
* The consensus: use MMM to *spot* channels worth testing, then run geo holdout tests (turning ads off in some regions to measure true lift), not to set budgets, because the confidence intervals are too wide.

## (b) Active Debates

### Debate 1: Is AI a threat to Google's ad business, or a tailwind?

* *Bull (dominant):* AI Overviews drive more search volume, are already monetized with ads inside the answer, and cost less to serve than rivals' chatbots; Google can push AI Mode to a billion+ users overnight; search revenue compounding 14%.
* *Bear:* The risk shifted from revenue to margins. "Due to the cost of AI compute... the company could actually become structurally less profitable... that is, to me, a risk that I take more seriously... than the idea of just everyone abandoning Google search." Alphabet is spending ~*$200B on data centers this year*, and free cash flow is the one metric moving the wrong way. ([The Investor's Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgCHkGJwle0BkCbvcSIxR0mKb-2FSUbkXpMMm92vAE0gaVigZdFe5sKtH3rU25WZsC4kiRaZjxRcFUiOai5a3see43Bf5EpoHc9-2FIzS6vjGstLg-3D-3DYB5j_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7IZoIfWEJtQ-2BvcPfZfFHJ0EvfVfZe9x8WZvx7PaqIL359b0NMnwn5yc83L8yNXKEdGkY6H6E722DuwMYCfOe-2FQ7vk1Yosjti7J4ToLU97xeguyWNGUSK30B7xknbmbiNHg-3D-3D), Sept 17.)

### Debate 2: Is the AI ad/infrastructure boom a bubble?

Sorrell argued both sides on [The Geopolitics of Business](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjothTUAv-2BOqyYLIQyj242i6dUfX6c-2BzCH2gxJtFo2sSf6EyZcFcgi2BiRoWMQlV6bJAkHGZv9UO0eVHVk4IQQXq0SzbNR9wTMft5s-2BgMbYdw-3D-3Dgt2n_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7L3PPO4pyCqcYnaVuzWWCzfHAEY7GjIwEWdH6jf-2Fue-2BFe8xJo-2BZqQjLcSciteaF8NMZj1FfXc9cGtuMWaSunNoR0Qwd3i-2Ft7KPTBJCF98FG8Nxh4i2blVb4d2toe1dH5Ow-3D-3D) (Sept 18):

* *"It's fundamental":* Microsoft, Amazon, Alphabet and Meta are on track to spend *$5 trillion between 2025 and 2030* (this year: Google ~$200B, Amazon ~$240B, Meta ~$140B, Microsoft ~$200–250B), and the demand pipeline is real.
* *"There will be failures":* He compared it to the 1870s railway build-out. "I cannot conceive that by spending $5 trillion... that can be all well spent... at some point in time, there must be a correction." Google and Meta went free-cash-flow negative in Q2, and ~half of next year's projected $1.1T capex may need to be raised as debt.

### Debate 3: Should agencies own production, or is that a betrayal of the creative ecosystem?

On [Technically Creative](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjr3GbFk8PoAHNYU-2FDap1Z1CsGDkkCNm9e7TWuRm0qR2z-2B4kzqAb9O5U46dqpMbepems4Ogl7gharmW6dJ0yUv-2BjdDr8KPtC4dTBWYVGvwXyw-3D-3DyX4A_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7PrYTPrjNE-2BBtPrYuTQGx99nv21zvdAqgC71Q5MoacnMbyF3Yr0tB8KufuyRbJXdbsNoYQfe-2BWEl5s2k8AT24Qt-2FDbnmq1BzNeGZZ1f2efHWDsiCOvzOCR6cysuVE5XY8g-3D-3D) (Sept 14):

* *Independents' side:* A leaked WPP document reportedly aims to make WPP Production the default and, if a client demands three bids, potentially supply all three internally. The UK Advertising Producers Association's Steve Davies: three bids from one company "doesn't count as competition."
* *WPP's rational side:* "WPP has 10,000 production people. What did we think they were going to do?" With services shrinking, production growing, and clients needing thousands of ad variants, integration is logical. Verdict: WPP is "behaving completely rationally," even as independents are "right to be worried."

### Debate 4: Does AI-generated ad creative help or hurt brands?

* *Pro-scale:* AI produces hundreds of on-brand variations, localizes into dozens of languages, and moves faster: the Adobe/Canva growth story.
* *Authenticity-first:* Canva's Gendelman warned unchecked AI "is enabling laziness and mediocrity"; with 90%+ able to detect AI content, humans should own brand voice and let AI scale. New roles emerging: "brand systems designers," "AI designers," even "AI ethicists."

### Debate 5: How much should you trust media mix modeling?

* *Skeptics* (John, Indeed/Amazon; Brad, Masterclass): uselessly wide confidence intervals, can't react to news cycles, and "totally breaks down" one level below the channel where Google and Meta run hundreds of live tests.
* *New convert* (Kezia, ex-Indeed): MMM flagged that search spend was "unproductive," triggering a year of digging that found real problems, a case for MMM as a diagnostic, not a budgeting tool. ([Media Roundtable](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhLfvwwQsWT8JExuOgWZt-2B6uaufMCTd7LP-2BFVoy9Xl-2BpnN-2B39F9zGkRwZnKa1GvglgyNY58YbRmu3lbgEhR86N9Csj85xqwfbOflGImV48tDA-3D-3DR8cP_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7CWVLDm-2BdlD-2BPvjAe4TKLw2MRC3DEhq4FH3cpAbMz5-2BBzEUUjYLLPk6qgmrrV0BBXQoafiywt3midjeS-2FDUa1HD7bc0Fasgyp-2FQgaLIBVR9jcbDTL5Zw0SfZu-2F4phvTBfw-3D-3D), Sept 16.)

## (c) Tickers Mentioned

### GOOGL / GOOG (Alphabet)

* *Bull:* AI Overviews re-accelerating (not cannibalizing) search; ads run above, below and inside AI answers; Search-and-other revenue ~14% CAGR; DOJ outcome far milder than feared (no Chrome divestiture); ~17x earnings despite the stock doubling.
* *Bear:* AI compute pressures margins; ~$200B data-center capex dragging free cash flow; ~$16B accrued legal/regulatory liabilities; constant global scrutiny.
* *Source:* [The Investor's Podcast (We Study Billionaires) - The Investor's Podcast Network](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgCHkGJwle0BkCbvcSIxR0mKb-2FSUbkXpMMm92vAE0gaVigZdFe5sKtH3rU25WZsC4kiRaZjxRcFUiOai5a3see43Bf5EpoHc9-2FIzS6vjGstLg-3D-3Dqs4W_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7KqvLnXGhEYO4pezy4J0M28TN8uaVuDfAg4OGYy7Y12MxUBYGjAv4rf9QFU01cv1SCozvPZzhdHwjBRKPgRgd-2BAzHXcqYWBtr0VzxD5nOvFr3njkriJSuBUj6ufq3edpog-3D-3D), Kyle Grieve & Shawn O'Malley (investors/analysts, TIP Network), Sept 17. Video: [The Intrinsic Value Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhGzQMOGWKChMf06tttRUYIifdgT30iJfWyycofsi9CTkyqIotj0KEWQPPjBCKm26V1nc-2FGUZhQGJzQOYn-2F5LC1f-2B8ZRkzeh9ugdTKFQDpSow-3D-3DybmR_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7AK8UNvg2nx9HO2TSBWtZ1wG7rDRkB8PGrb1G-2FA-2FPNSUXf4XaPrJ0P3ga4aXR7WASjMXz112Hs7LA7H8qWSJM-2BKb9vYcfNWDLfweBWBoUrgltwugClFlLoJRjN-2BVbXfPvg-3D-3D), Sept 20.
* *Quote:* "Google Search and other revenue has continued to grow at a really nice 14% compound annual growth rate over the last two years, and doesn't really show any signs of slowing down." (Shawn O'Malley)

### AMZN (Amazon)

* *Bull:* Extending Amazon Ads into ChatGPT (OpenAI pilot, Delta Vacations) monetizes AI-driven discovery beyond its storefront; strong retail-media ROI and growing budgets; shopping-signal data advantage.
* *Bear:* ~$240B capex feeds the free-cash-flow-negative hyperscaler worry; tightening seller policies add marketplace execution risk.
* *Source:* [Selling on Giants](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjoap2LU8YgMRkS7O9-2FRQyEidVL5XN8wrIBOOoVbfkt0EnVEzuc1bMctLkHqTkvcAG1HON59BmrYK6HH5ECdYuUi5qNi1Cr9UoobjQ2KMPduQ-3D-3Dhc8C_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7OJ-2FnCIh3L62YRFf3R3NdIdHWIK1Tz7gLNO0aWmxaaCk7HbeQUmSpG1n9isBBDnnqw3YqmLSlAyrVk59LffMkBGXmqjC2racjG6JRi4t0hQ53wvy5u1pHYV7YwKECNhFdw-3D-3D), Will Haire (host/agency operator, Belovix), Sept 15; capex via Sorrell, [The Geopolitics of Business](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjothTUAv-2BOqyYLIQyj242i6dUfX6c-2BzCH2gxJtFo2sSf6EyZcFcgi2BiRoWMQlV6bJAkHGZv9UO0eVHVk4IQQXq0SzbNR9wTMft5s-2BgMbYdw-3D-3DoaB1_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7G2FDQsFW1oTAfp3-2F6vX6o5QhpKBcr2OvTuFNEnZeeLCl29RtLRyPcvx3mxZ7wgBd3BbZnf51hVWF3Y1-2Bwp6OXqQupgj-2B8MTOl8i3OsOom4ZgVNXswzjKz6zJ6RFSxpjqA-3D-3D), Sept 18.
* *Quote:* "Amazon ads and OpenAI have launched a U.S. pilot that allows select advertisers to extend campaigns into conversational advertising experiences within ChatGPT. Delta Vacations is among the first brands testing it." (Will Haire)

### META (Meta Platforms)

* *Bull:* Among the four hyperscalers whose AI demand pipeline is "there"; remains the default performance channel (Masterclass calls itself "over-reliant on meta" because it fits their audience).
* *Bear:* ~$140B capex; went free-cash-flow negative in Q2 alongside Google.
* *Source:* [The Geopolitics of Business](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjothTUAv-2BOqyYLIQyj242i6dUfX6c-2BzCH2gxJtFo2sSf6EyZcFcgi2BiRoWMQlV6bJAkHGZv9UO0eVHVk4IQQXq0SzbNR9wTMft5s-2BgMbYdw-3D-3DGVqi_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7N4CWHk88DZKMV51ZokPmXP4ZdMrFFlSNA0TZ1X029UCnmBGlg-2BdFhpFrPyBCY859rhykJTU5i9-2FYpd-2FYhyLampz6g6WXBAQh-2FSGPrZ7muVaw5Y9Ei4Po-2FXc1AB6mf1c0w-3D-3D), Sir Martin Sorrell (CEO, S4 Capital; WPP founder), Sept 18; [Media Roundtable](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhLfvwwQsWT8JExuOgWZt-2B6uaufMCTd7LP-2BFVoy9Xl-2BpnN-2B39F9zGkRwZnKa1GvglgyNY58YbRmu3lbgEhR86N9Csj85xqwfbOflGImV48tDA-3D-3DDnaK_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7A54IjPsuzeRknKq2RySdZPfjRAaZTq0XbvfXyKXNzvKE6RkRoooQrtyE3ckWouRmG2MqkclojlpIm35Ofxtv2gyxK7h-2BAnmeO0Bsbz6oAR92ZGtSAP1VLXOlJW8-2Bi-2FyFg-3D-3D), Sept 16.
* *Quote:* "Google and Meta, first quarter, Q2 was the first quarter we went in cash flow negative." (Sir Martin Sorrell)

### MSFT (Microsoft)

* *Bull/Bear:* Discussed in the capex/bubble context, at ~$200–250B this year as one of the four biggest AI spenders.
* *Source:* [The Geopolitics of Business](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjothTUAv-2BOqyYLIQyj242i6dUfX6c-2BzCH2gxJtFo2sSf6EyZcFcgi2BiRoWMQlV6bJAkHGZv9UO0eVHVk4IQQXq0SzbNR9wTMft5s-2BgMbYdw-3D-3DiSK__7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7CWUckHdl-2BYCmz94JYK3f65PhmhWz4kjSuNkE7JA0DDzoEbzTzynif5Vf6zXJFTeyBCgQqkWCQRGnS-2FVmz7lTXOnpjDK3iKCh-2BTK70y9unZEGrSeJAK-2BC3Xq6Iynax9F4Q-3D-3D), Sir Martin Sorrell, Sept 18.
* *Quote:* "Microsoft, Amazon, Alphabet and Meta, those four... are going to spend $5 trillion between 2025 and 2030."

### ADBE (Adobe)

* *Bull:* Generative AI embedded in Premiere Pro (in-timeline video/sound, third-party models); record $6.76B revenue, beat and raise, AI-first ARR more than doubled; can "benefit from the model war without winning every battle."
* *Bear:* Softer-than-hoped Q4 outlook; stock had "tanked when Nano Banana launched," showing sensitivity to rival AI tools.
* *Source:* [Technically Creative by KoobrikLabs](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjr3GbFk8PoAHNYU-2FDap1Z1CsGDkkCNm9e7TWuRm0qR2z-2B4kzqAb9O5U46dqpMbepems4Ogl7gharmW6dJ0yUv-2BjdDr8KPtC4dTBWYVGvwXyw-3D-3DlynP_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7ImSWuUciY2JyxOb4uvyG8VUESXDoDr9vWrz96yN1SOH3flT91YsrNVruvRikzuvSPxTVY9x9bcMeQZ4rKILGPqJ-2B2QJgwgdK-2BCOuM7pmHxqyUQFlN-2Fh7Yv0dH6POJhCAQ-3D-3D), Orlando Wood (founder, System1), Sept 14.
* *Quote:* "Adobe reported record quarterly revenue of $6.76 billion, beating expectations on earnings, and raised its full-year targets. Annual recurring revenue from its AI-first products has more than doubled year over year."

### OMC (Omnicom Group)

* *Bull:* Completed the IPG deal (largest holding company); likely to backfill Coca-Cola's NA media business Publicis is vacating.
* *Bear:* Lost ~$1.7B PepsiCo business to Publicis after ~25 years; post-merger restructuring causing client friction; model under AI-driven margin pressure.
* *Source:* [Technically Creative by KoobrikLabs](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjr3GbFk8PoAHNYU-2FDap1Z1CsGDkkCNm9e7TWuRm0qR2z-2B4kzqAb9O5U46dqpMbepems4Ogl7gharmW6dJ0yUv-2BjdDr8KPtC4dTBWYVGvwXyw-3D-3DZM2x_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7Ml39EpirrCfC19hqpqeHO20Ndl4r-2B8ANNswlyqBhDKNhw8obkVXjWPXNWNtWL6xU-2FWjJ7E6iKIeuyyn4784nMXYQem-2BAx48cbhc1kX-2FEcgDUCGCOdJk6MRadYCrrK4nuQ-3D-3D), Orlando Wood, Sept 14; agency-shift context on [The Art of the Brand](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhriSYT4lU0OJC-2BfeF3LZuRfU8jj4ulzpjhexRhSZl08-2Bt2c79iNgjm2Naa9azfSfiyP5kDpvFkI8ZqnS-2BYKpr7ybEDwy6YyObM9bhJE3YwVw-3D-3Dt-S3_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7DUVC1Tg6xWKFLRTSDkUVWLE9gAUNZ0tG2o06zBiWWpX0eUrGDXQLmDF0c3dVjGPNoRWDvKFDN3RC9gtFfCszIj5y2-2FK7mQgcAdaoUtRsOqxKVJ5yL-2FAucGkC93tUu5e3w-3D-3D) (Sept 14) and Omnicom CEO Andreas Krasser on [Looking Outside](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiUmKGLPg5l13bh0LxZCvhKIflcg3-2BzSHbxPZdrOnaCWb-2B-2BkkDF6UaILPkK8KSKrB8zM4V-2Bd-2Bm6FsoQxwDtnOtCzfBaiwjCnu1zr23KmC8tuw-3D-3D_lv3_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7Hweuan1-2BKll8Z5oW-2FkvU2DcNfjjxw9fDzmgv8nNm8hmHgJiBBoRnSF0yveghHzg46d2yySnTvZmiDBTrxQvtLh5cBsXCoLiuRRBpc6K-2BHwNMWY4sKF4H7BeXC0kDXr1lQ-3D-3D) (Sept 15).
* *Quote:* "PepsiCo moved roughly $1.7 billion of global media, data, and technology business from Omnicom to Publicis after approximately 25 years with Omnicom." (Orlando Wood)

### IPG (Interpublic Group)

* *Bull/Bear:* Now absorbed into Omnicom; evidence that scale-driven consolidation is the survival strategy as revenues shrink.
* *Source:* [Technically Creative by KoobrikLabs](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjr3GbFk8PoAHNYU-2FDap1Z1CsGDkkCNm9e7TWuRm0qR2z-2B4kzqAb9O5U46dqpMbepems4Ogl7gharmW6dJ0yUv-2BjdDr8KPtC4dTBWYVGvwXyw-3D-3D8sxM_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7JsOCCYBL7CqheTEgnpfSiyBeMhy83e0oMKxPHXknKtWKqrn1my7Q7EOWw2sb590-2BrfnGUPnZd6y3jkmIJiQ1aSZV6UsTOmI0S-2FFyQHqTBfdUxIOvMh6rorR-2FrwhFaCw5A-3D-3D), Orlando Wood, Sept 14.
* *Quote:* "Omnicom completed its acquisition of IPG late last year, creating an absolute monster of an advertising holding company."

### WPP (WPP plc)

* *Bull:* Production is the one growing segment (+1.6% H1 2026); vertical integration into a ~10,000-person, 40-city production operation plus generative AI lets it own more of the value chain.
* *Bear:* Core businesses shrinking: Media −5.4%, Creative −4.9%, net revenue −4.7% in H1 2026; legacy model "under huge strain"; "triple bid" reputational blowback.
* *Source:* [Technically Creative by KoobrikLabs](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjr3GbFk8PoAHNYU-2FDap1Z1CsGDkkCNm9e7TWuRm0qR2z-2B4kzqAb9O5U46dqpMbepems4Ogl7gharmW6dJ0yUv-2BjdDr8KPtC4dTBWYVGvwXyw-3D-3D0F4u_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7I-2FNeUikGdBM7Hv3iprelaEFSB0nKwi0TwEl69qXrGdgLOGgpK-2FyDI-2F-2FFvrdRNzj5AMjNI1orTkYo23wXKNdSyNEEvC2EMK8Z2yp0qnh27PgME8iLBoZeg-2FK1HgCD2xbdg-3D-3D), Orlando Wood, Sept 14; Sorrell (WPP founder) on [The Geopolitics of Business](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjothTUAv-2BOqyYLIQyj242i6dUfX6c-2BzCH2gxJtFo2sSf6EyZcFcgi2BiRoWMQlV6bJAkHGZv9UO0eVHVk4IQQXq0SzbNR9wTMft5s-2BgMbYdw-3D-3Ds6px_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7G00-2BeCvU9UEHYeeqnMhcz6ye5GgJiIcm6U68AsL99lPCz7s5T-2FwVNpeOLii8svks289jHBvalv6Rb5YI5638SXwqxSjTOlPa9l8lfPadkK9-2FBf1PTOA5FsalPh22ViNzQ-3D-3D), Sept 18. WPP Media's Nancy Hall on [Strictly Business](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjFZZihVqwbWL4-2FaSV00dn0qM6c3wemYatfVFQAX-2By3z8JmCT7pS6RAnyTh1FOSmfhLraxiKia71iolFT-2BkUSPf8attvsp-2FS9LjY-2B-2F9Z5cMcw-3D-3D1jV__7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7FaBuj-2FZ0l5w0SGTUE3rkOM0a6C-2FRy3I-2FT-2FKBv-2Bw3tBkgILilVALsKwn8tlOHULb9OSaxTtbIPEcxaXhX1d1RENdcnZ7QiPamFhmP4VomEM7Ds98ZJT26FqhzxrUMHI3og-3D-3D) (Sept 18).
* *Quote:* "In the first half of 2026, the jewel in their crown, WPP Media, declined 5.4%. WPP Creative declined 4.9%... What was the odd one out? WPP Production grew 1.6%." (Orlando Wood)

### PUB (Publicis, Euronext Paris: PUB FP)

* *Bull:* Won PepsiCo's ~$1.7B account from Omnicom without a conventional pitch; strong tech investments.
* *Bear:* Must give up Coca-Cola's NA media business to resolve the conflict.
* *Source:* [Technically Creative by KoobrikLabs](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjr3GbFk8PoAHNYU-2FDap1Z1CsGDkkCNm9e7TWuRm0qR2z-2B4kzqAb9O5U46dqpMbepems4Ogl7gharmW6dJ0yUv-2BjdDr8KPtC4dTBWYVGvwXyw-3D-3DMO2V_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7AXnI5lydhrTU2KHkCIr9TN9v0WZLLAGCdW0PtQhEBftcg2KHPCWwi-2FILWTpdwlf-2BQVldach57lnQRz4nv6YHu0NUpN8pbVDHDR09G2kCIrfzzKQViV6nCxdrxfjYYQcWw-3D-3D), Orlando Wood, Sept 14; agency dynamics on [The Art of the Brand](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhriSYT4lU0OJC-2BfeF3LZuRfU8jj4ulzpjhexRhSZl08-2Bt2c79iNgjm2Naa9azfSfiyP5kDpvFkI8ZqnS-2BYKpr7ybEDwy6YyObM9bhJE3YwVw-3D-3DNVxQ_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7FBC51kamFS0dYlkEtFZK-2B6hsLy9BAJRpwrRvfQlndY-2FlKvHykR29aQGP0TLlR7benHtdXrbfiuWV8YCPOztPxApdExOAjPCcZFYkxH2nJxHBHbOjL7ezLU6gSUTJCaP9A-3D-3D), Sept 14.
* *Quote:* "Publicis now has Pepsi, which creates a small issue. It also handles Coca-Cola's North American media business... So Publicis is stepping away from that review and giving up the North American Coke business." (Orlando Wood)

### S4 Capital (LSE: SFOR) / Monks

* *Bull:* Digital-first from day one, no legacy TV drag; ~$1B revenue in content, data/digital media and marketing transformation; single-P&L model sidesteps client conflicts; venture stakes in AI video platforms Runway and Higgsfield.
* *Bear:* Sorrell admits he's "not far enough" on his own AI journey; sector-wide fee pressure and clients treating marketing as a cost.
* *Source:* [The Geopolitics of Business](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjothTUAv-2BOqyYLIQyj242i6dUfX6c-2BzCH2gxJtFo2sSf6EyZcFcgi2BiRoWMQlV6bJAkHGZv9UO0eVHVk4IQQXq0SzbNR9wTMft5s-2BgMbYdw-3D-3Dbvl-_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7D5klgTTH6FX2ptoKFBknkhnBZ2XLVjOzg1AR6C9A-2BFQAR4MZHCZOzi3Mm4fHQu-2B0Z9S-2FLBueHPEvzjNRz-2FeY1lbvB3Gi9DJZOmcPhcl9NO74-2BMuDMmBTxK75PRKk7SyLQ-3D-3D), Sir Martin Sorrell (CEO, S4 Capital), Sept 18.
* *Quote:* "S4 and our brand name Monks, we don't have any of those traditional products. We didn't produce TV commercials. We started from scratch eight years ago. We do about a billion dollars of revenue."

### AAPL (Apple)

* *Bull/Bear:* In the DOJ antitrust context: Google can still pay Apple to be Safari's default search engine, but only under one-year deals that can't lock up distribution, and Apple must be allowed to promote competing search/AI.
* *Source:* [The Investor's Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgCHkGJwle0BkCbvcSIxR0mKb-2FSUbkXpMMm92vAE0gaVigZdFe5sKtH3rU25WZsC4kiRaZjxRcFUiOai5a3see43Bf5EpoHc9-2FIzS6vjGstLg-3D-3D5IiC_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7LktPrBw93lgvN-2BTLIaWYE4cLcPf7f5MnaInBEUONdCsvnKeRMtF9ccVPYmTPQkAYMEmcMapb-2BUCqEzFW-2BLZLP-2Bp15E-2Fze7ufomeFUaJmowWm6iTCtSdIyoGpqGNjVZbTA-3D-3D), Kyle Grieve, Sept 17.
* *Quote:* "Google can still pay Apple to make Google the default search engine in Safari, but those agreements can no longer lock up Apple's distribution in the same way. So they're limited to one-year agreements."

### SPOT (Spotify)

* *Bull:* Spotify's ad exchange and ads manager pitched as a performance-marketing channel for CPG brands built on cultural connection and audience data.
* *Source:* [The CPG Guys](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhSfw97JHD8ONJkzYGxsehXSrUNFhZRFSkv23y9v22n9RwCDv5kBl0g8JIkbMQD2vUiGDCaxqF-2Ft3II6ur-2Btb2vuXTzhQRNbpWbR5EHI285Bw-3D-3DEb70_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7Pp2GM5xM1-2FT-2B1304adCjLJn1MxGAkAG5UlvPBjLnz-2FOY3CjvCvdvc03iLZf2nh-2BFCrcpSosX9PdGwnYdPhPEG0pPGjcXxxkWvh1jGdczqmUu2rwO2oLbPJG4rOXFWGfqw-3D-3D), Sam Bevan (Spotify), Sept 16.

### APP (AppLovin)

* *Bull/Bear:* Referenced as a go-to mobile ad platform for game users and Q4 e-commerce growth.
* *Source:* [Ecommerce Playbook: Numbers, Struggles & Growth](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOigVXNTg6dRnlLXtPAb9yTbPS-2BABYkqBt33qshWZbdr65xAjtDqeakORV0XWQ88YKWNgq8y5KxCHVBFuC5-2B1XtT5qTI-2FS8jlqpJARVZqEPhsQ-3D-3Dj2tK_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7Hlt5fj-2FK3usIHWFWKK43Kv3MR3zliS2CmJFNmB-2BeZ-2Fw58guTg2-2FDZd9g0liEB8-2BTt27PdoDK82xtY-2FSgoyJ73jKbNYvimT3Ng1yDJik-2BsPDEtG-2FK-2Beqhu6fNL0iN4sCqg-3D-3D), Sept 17.

### Also in the Mix (Private and Non-Ticker Names to Watch)

* *Canva* (private): 260M users, 95% of the Fortune 500, 40B AI-usage instances; the loudest "keep ads human" voice. [Marketing Beyond with Alan B. Hart](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhlSlQn6j-2FrHJBJtp4ugV4M6P2zuCfQNfoa8jxRbG-2FmuAA4U7guWXLxiEzfoTp-2BKDJwELFddIY2li6nHD2y9Kn3hD2gZIT7SlZP2qwkSNDlPw-3D-3D0bgh_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7Cs3VXjNkG4jNb2bUyOoP3MtDMfyMV-2B17aCQWD2jVsamUxlpQUKu2dk0Rs7mXpXHQFtZtliOI4cDhXXCulJsO0u3L6F5R7p0QFdO6QKW-2B-2FzmMYz7ZDrU8xyLlczQgblYFQ-3D-3D) (Sept 16), [The Modern Customer Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOg2RC8MpZsZNU64OA43EXzch6hM7NyHc-2BdVSHb8okUAhQov7DsCiK-2Bt8-2BhH3XGIhTTYNKaRpdbpkaJTBL87-2BXZHPwWQhyKb4eLHeAPLMQ8LOQ-3D-3DQ4k-_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7HaHBVVNG6WV6LIp1ZrHlwrfKxbGTryaEjC8QUB2f3WZuw-2B-2F-2FjKqaAEsmnXSwJ4QTaZ-2FumTJe1fJvRaGA8pmgCppUM8ZGRDxg22dc6XH-2Bys1KLeYnJ8Lw29Ppaz3WyBC1Q-3D-3D) (Sept 15).
* *OpenAI / ChatGPT* (private): the new ad surface everyone is chasing, via the Amazon Ads pilot. [Selling on Giants](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjoap2LU8YgMRkS7O9-2FRQyEidVL5XN8wrIBOOoVbfkt0EnVEzuc1bMctLkHqTkvcAG1HON59BmrYK6HH5ECdYuUi5qNi1Cr9UoobjQ2KMPduQ-3D-3Dskwq_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7KsApKSDpvVl8PTB8RMcRHCsFNHT9Um8BTyuYbt9iVu-2BzsCLxTHwNRZua2pcLJBkqloH4B7DIqiihdBIQZFirPP-2BeeuxaD2ZCFP6VVdyRnOCQkZKIT7XDst2Gev9bc96cA-3D-3D) (Sept 15).
* *Runway & Higgsfield* (private): AI video platforms Sorrell's fund backs as the "classic examples" replacing traditional production. [The Geopolitics of Business](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjothTUAv-2BOqyYLIQyj242i6dUfX6c-2BzCH2gxJtFo2sSf6EyZcFcgi2BiRoWMQlV6bJAkHGZv9UO0eVHVk4IQQXq0SzbNR9wTMft5s-2BgMbYdw-3D-3Dyi9t_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7JVheCxIzqZ3u-2Fv6u4tdsWEYwiDTgtSLqo8WxKAJAtnqGSuQUhJDp6GILZeSop4ZAH3ymAH0NvxjVun12Z-2FlfUmdwsxVZV0aB6rpankTEGD-2FZ7Gtg-2BLMqD2LIVJPww-2Fvlg-3D-3D) (Sept 18).
* *Advisor* (private): a Walmart-supplier retail-media analytics startup that raised $750,000 in pre-seed. [The Watson Weekly](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhkXvOUzBqDnpRKsTuuVDe5vUucZabZ96C4fWPTO3TQimGqi8x-2F3K3HAhzai6go9C-2FZNkribJYPI8CNoGhHFL664j47KdQ5VnyE6PJZcya8bw-3D-3D3z2a_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbUjgkgGp0NopAjbN5yPRuF3FIxgo-2FbqHjutwXwqreHp7K2Yfh2MThgDXzcZfqElfw3d6IA5JtEmRFeu8wtHhnf-2FsfalQDXUPR0ev1-2BBrnkTUVZUqsDB34IGnA6fyNnm378h3tALdrL0kpUzbYxpkPCxH-2FxMqGSLqbevQYJMUOC-2FEw-3D-3D) (Sept 15).

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