The MAX/Axon lock-in mechanism is probably the most underappreciated part of this story. That 5% bidding handicap for competitors is brutal when you layer in ML optimization over millions of auctions. What really caught my attention was Chandley's point about the take rate expansion while share of voice stays flat, thats the part most investors miss when they just look at topline growth. The ecommerce piece is interesting but I'm skeptical Meta wont eventually figure out rewarded video on iOS, they've had 5 years but they also have basically unlimited resources to throw at the problem. The 82% margins feel unsustainable longterm unless the moat is even deeper than it appears.
I'm with you on a more aggressive response from the SANs, but I think most folks are more skeptical that they will mount much of a response. Let's see. 2026 is gonna be exciting.
The MAX/Axon lock-in mechanism is probably the most underappreciated part of this story. That 5% bidding handicap for competitors is brutal when you layer in ML optimization over millions of auctions. What really caught my attention was Chandley's point about the take rate expansion while share of voice stays flat, thats the part most investors miss when they just look at topline growth. The ecommerce piece is interesting but I'm skeptical Meta wont eventually figure out rewarded video on iOS, they've had 5 years but they also have basically unlimited resources to throw at the problem. The 82% margins feel unsustainable longterm unless the moat is even deeper than it appears.
I'm with you on a more aggressive response from the SANs, but I think most folks are more skeptical that they will mount much of a response. Let's see. 2026 is gonna be exciting.