GOOG's DV360 advantage really stems from their dual position as both an ad platform and a major inventory owner through YouTube and Google properties. They don't just have identity data, they control massive premium demand sources that advertisers have to access through them. The vertical integation creates a compounding moat that Kokai can't address becuase it's fundamentally about supply chain position, not bidding efficiency.
That’s exactly right — and it’s why I framed Kokai as an execution upgrade, not a moat. $GOOGL’s advantage isn’t algorithmic; it’s architectural. When you own both the pipes and the content, efficiency becomes a bonus rather than a differentiator. $TTD’s edge has always been independence and interoperability, but as you said, that doesn’t change the fact that it sits outside the walls. Kokai sharpens the tools — it doesn’t move the walls.
The point about Amazon's privileged access to identity and inventory data is crucial for understanding why TTD's neutrality advantage is shrinking. Amazon's retail flywheel gives them first-party purchase intent data that no DSP can replicate, and they're now bolting AI directly onto that data moat. The adtech market is increasingly bifurcating into walled gardens with integrated data stacks versus the open web, and advertisers are choosing efficiency over philosphy. TTD's challenge isn't execution, its structural positioning in a market where the gorillas keep getting bigger.
Completely agree — the keyword here is structural. $AMZN’s advantage compounds not just through data ownership, but through closed-loop attribution that $TTD can’t access by design. In a world where performance visibility drives budget allocation, that gap widens over time. Kokai can improve efficiency, but it can’t rewrite market architecture. The open internet remains valuable, but it is now the alternative ecosystem, not the default one. I am looking forward to $TTD's Q3 results even as I have exited the position.
GOOG's DV360 advantage really stems from their dual position as both an ad platform and a major inventory owner through YouTube and Google properties. They don't just have identity data, they control massive premium demand sources that advertisers have to access through them. The vertical integation creates a compounding moat that Kokai can't address becuase it's fundamentally about supply chain position, not bidding efficiency.
That’s exactly right — and it’s why I framed Kokai as an execution upgrade, not a moat. $GOOGL’s advantage isn’t algorithmic; it’s architectural. When you own both the pipes and the content, efficiency becomes a bonus rather than a differentiator. $TTD’s edge has always been independence and interoperability, but as you said, that doesn’t change the fact that it sits outside the walls. Kokai sharpens the tools — it doesn’t move the walls.
The point about Amazon's privileged access to identity and inventory data is crucial for understanding why TTD's neutrality advantage is shrinking. Amazon's retail flywheel gives them first-party purchase intent data that no DSP can replicate, and they're now bolting AI directly onto that data moat. The adtech market is increasingly bifurcating into walled gardens with integrated data stacks versus the open web, and advertisers are choosing efficiency over philosphy. TTD's challenge isn't execution, its structural positioning in a market where the gorillas keep getting bigger.
Completely agree — the keyword here is structural. $AMZN’s advantage compounds not just through data ownership, but through closed-loop attribution that $TTD can’t access by design. In a world where performance visibility drives budget allocation, that gap widens over time. Kokai can improve efficiency, but it can’t rewrite market architecture. The open internet remains valuable, but it is now the alternative ecosystem, not the default one. I am looking forward to $TTD's Q3 results even as I have exited the position.