Caine Paul sold $118K of MGNI

AppLovin (APP) stock fell 5% after Edgewater Research warned of stalled market-share growth, projecting 8-9% Q4 revenue growth. Citi data shows APP's e-commerce clients grew 5% in one week. Competitors Magnite (MGNI) and The Trade Desk (TTD) also declined but face different pressures. APP's decline reflects growth and competition concerns, with legal overhang adding uncertainty.

Magnite (MGNI) shares rose 7.2% after a judge unsealed the full ruling in the Google (GOOGL, GOOG) antitrust case, imposing remedies that may benefit adtech companies. Analysts raised price targets for Magnite, citing the ruling's positive impact. The stock is up over 100% in six months and trades at 23 times earnings.

Magnite (MGNI) and PubMatic (PUBM) rose 5% and 6% respectively after a court ruling required Google to enable interoperability with Prebid. Craig-Hallum raised its price target for Magnite to $32, citing the ruling as beneficial for independent sell-side platforms. Alphabet (GOOGL) gained 0.8%, while The Trade Desk (TTD) fell 0.5%.

Magnite (MGNI) and The Trade Desk (TTD) rose 6% and 5% respectively after launching agentic AI products, while AppLovin (APP) remained flat. Year-to-date, MGNI is up 41%, while TTD and APP are down over 50%. The moves reflect investor rotation within the agentic theme, not a broad tech sector shift.

The Trade Desk (TTD) rose 5% to $14.25 after launching Kokai Zuma, an AI-driven advertising platform. Despite a 64% YTD decline, the stock gained on product news, while QQQ fell 0.2%. TTD trades at 11x forward earnings, below the industry average. AppLovin (APP) and Magnite (MGNI) showed minimal movement despite growth. TTD's Q2 revenue grew 3% YoY to $715M, with Q3 guidance at $650M+.

Magnite reported a 36% year-over-year increase in CTV contribution ex-TAC, now representing 51% of its mix. The company benefits from partnerships with Netflix, Warner, Roku, and Disney, and sees growth in programmatic CTV buying. Magnite also highlighted its integrated ad-serving technology and share repurchase program. According to the company, its operating model generated 80% flow-through from incremental revenue to EBITDA in Q2, with a $10M top-line beat and $8M EBITDA beat.