Barton Crockett

The Trade Desk (TTD) sold off sharply recently due to fears that AI (specifically OpenAI) would disrupt the ad-tech space. However, TTD just signed an agreement with a retail media specialist linked to OpenAI's trials. The market wrongly views AI as a "Trade Desk killer." In reality, OpenAI and others need programmatic ad partners to monetize. The partnership suggests collaboration rather than displacement. With the stock down significantly from highs, the valuation (30-40x) is now attractive for a company growing mid-teens. Buy the dip on the "AI disruption" panic; the fundamentals and partnerships tell a different story. Continued perception that Large Language Models (LLMs) will bypass traditional ad-tech intermediaries.