AppLovin’s Easy Money Era Is Over. Investors Should Proceed With Caution

The latest pressure stems from Cleveland Research’s Q1 2026 e-commerce channel checks, based on direct feedback from brands and suppliers. The report paints a picture of subdued momentum in digital commerce advertising. Overall ad budgets have been softer than expected, with “continued instances of churn” as some advertisers scale back or pause spending.But cracks have emerged. Fears over AI’s real-world payoff, combined with aggressive competition from larger platforms, have already weighed on sentiment. T ...