At ExchangeWire's ATS London conference, investment banker Josh Wepman of Houlihan Lokey argued that the struggles of publicly-traded ad tech companies stem from their small market capitalizations, not performance. Most companies are too small to attract significant investment from index funds and mutual funds, with 'it's hard to be a $7 billion company' serving as a key quote. Deal activity has picked up to around $14 billion so far in 2026, but transactions are fewer and larger. Nick Macshane of Progress Partners noted extreme volatility in ad tech stocks, with some companies swinging 60% up or down, suggesting many should not be public. The article highlights take-private trends, mentioning Criteo's rumored buyout, and companies like DoubleVerify, LiveRamp, and Integral Ad Science moving off public markets. It also notes enterprise interest from Salesforce, Adobe, ServiceNow, Workday, Databricks, Snowflake, and OpenAI.

Integral Ad Science Progress Partners ServiceNow LiveRamp Workday Criteo DoubleVerify Houlihan Lokey Adobe Snowflake OpenAI The Trade Desk Salesforce Databricks

Market IntelligenceFACT · 5/514 Sept '26· Via Blasto

DMEXCO 2026 Events Guide: The Sessions and Side Events Worth Prioritising

Plan DMEXCO 2026 with BLASTO: must-see AdTech events, programmatic sessions, CTV conversations, Happy Hours and key networking in Cologne.

Blasto

CTV and StreamingFACT · 4/511 Sept '26· Via VideoWeek

Week in Review: Prime Video, UK DTT Interoperability, Channel 4 Cuts

This week in review from VideoWeek covers Prime Video's expansion of its 'Shop the Show' feature to over 8,000 titles, DTG's report emphasizing interoperability challenges for the UK's internet-delivered TV transition, and Channel 4's announcement of a 28% workforce reduction as part of a transformation strategy. Other stories include Meta's ad controversy, US military disabling ad trackers, Magnite's first agentic campaign in EMEA, The Trade Desk's S&P 500 exit, NVIDIA's video tools, Innovid's Meta MCP integration, and Telly's programmatic home screen ads. Additionally, TF1's 2027 roadmap, DOJ's widened probe into Fox's Roku acquisition, Paramount's bond request, and various publisher and agency updates are highlighted, including Coca-Cola's media review and Madison & Wall's ad growth forecast.

PlatformFACT · 4/511 Sept '26· Via AdExchanger

Wall Street's Disillusionment with The Trade Desk

The Trade Desk has suffered a dramatic decline, with its stock down 90% from its peak and market cap dropping to roughly one-tenth of its December 2024 high of $70 billion, leading to its removal from the S&P 500. The company faces multiple headwinds: a 15% companywide layoff after disappointing Q3 earnings, lowered forecasts, and near-total C-suite turnover. Analysts attribute the downturn to increased competition from challenger DSPs like Viant and Pontiac Intelligence, the shift of ad budgets to walled gardens (Google, Meta, Amazon), and the potential disintermediation of DSPs by agentic platforms like Google's Buyer Direct. Investor concerns over CEO Jeff Green's super-majority control add to skepticism, making an acquisition unlikely despite a sub-$10 billion valuation. The broader ad tech industry now favors large, media-owning platforms over independent players.

Walmart DeepIntent Viant Xandr Meta Amazon Pontiac Intelligence Yahoo Criteo The Trade Desk Google

AdTech FinancialsFACT · 4/510 Sept '26· Via Adweek

Trade Desk Layoffs, Market Cap Drop Spark Turnaround Doubts

The Trade Desk's recent layoffs of about 585 jobs (15% of global headcount) on September 4, 2026, have raised concerns about its future. The market cap has fallen over 80% from its 2024 peak to under $7 billion, and the S&P 500 removed the company effective September 21. CEO Jeff Green called the cuts a reorganization, citing $1.5 billion in cash and zero debt, but analysts doubt the 'independence' pitch. Some see a need for a major bet or acquisition. Meanwhile, competitors like Magnite are catching up, while AI-native platforms like StackAdapt and Basis Technology are seen as performing well. The article also covers Meta's Muse AI launch, Salesforce's talks to buy Listen Labs, and other industry moves.

Xandr Basis Technologies Meta Gap Inc.Anthropic StackAdapt Omnicom Snap Ramp The Trade Desk Salesforce Magnite Accenture

AI AdvertisingFACT · 5/510 Sept '26· Via Digiday

Amazon Ads in ChatGPT Pilot Extends Supply-Chasing Streak

Amazon Ads and OpenAI have partnered to enable select U.S. advertisers to run ads within the ChatGPT app, with the pilot launching on September 10, 2026. Delta Vacations is among the first brands testing this integration. Advertisers can manage campaigns through Amazon Ads' existing infrastructure, leveraging Amazon's first-party shopping data and low-fee programmatic deals, available on both cost-per-click and cost-per-impression bases. Ads appear as clearly labeled text or images below ChatGPT responses. This strategic move extends Amazon's DSP reach into conversational AI, competing with The Trade Desk and positioning ChatGPT as new inventory alongside existing partners like Netflix, Roku, Spotify, Disney, Hulu, and ESPN. OpenAI's advertising business recently surpassed $1 billion in annualized revenue, aiming for $100 billion by 2030. Amazon's Q2 2026 ad revenue reached $19.8 billion, up 26% year-over-year. The partnership occurs amid Federal Trade Commission scrutiny and a lawsuit over auction practices, but the integration proceeds, highlighting the convergence of retail media, programmatic advertising, and AI-driven search.