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Core Viewpoint - AppLovin's stock experienced a significant decline following a short report from Muddy Waters, which raised concerns about data misuse and potential platform delisting risks, leading to a market capitalization loss of over $22 billion in a single day [1][3][5]. Group 1: Stock Performance - On March 27, AppLovin's stock fell by 20%, marking the largest single-day drop since its IPO, reducing its market cap to $89 billion [3]. - Following the drop, the stock rebounded by 4%, recovering $3.6 billion in market value [1]. - The stock had previously surged over 700% in 2024, reaching a peak of $525 in February 2025, with a market cap nearing $180 billion [1][8]. Group 2: Short Selling Reports - Muddy Waters published a report alleging that AppLovin engaged in suspicious business practices, including violating app store terms and unauthorized data extraction from major platforms [5][6]. - This report is the third short report against AppLovin within a month, following similar claims from Fuzzy Panda and Culper Research regarding inflated AI platform benefits and revenue [6][8]. - The reports have put pressure on AppLovin's stock, despite a majority of Wall Street analysts maintaining a positive outlook with 21 buy ratings [8]. Group 3: Financial Performance - In Q4 2024, AppLovin reported revenues of $1.373 billion, a 44% year-over-year increase, with adjusted EBITDA of $848 million, up 78% [9]. - The company expects Q1 2025 revenues to be between $1.36 billion and $1.86 billion, reflecting a year-over-year growth of 28.1% to 30.9% [9]. - The advertising segment generated $1 billion in revenue for Q4 2024, a record high, growing 73.4% year-over-year [9]. Group 4: Business Strategy and AI Integration - AppLovin is shifting its focus from app development to advertising, considering the sale of its mobile gaming division valued at approximately $900 million [10]. - The company is enhancing its AI-driven advertising capabilities, with plans to develop more self-service and automated tools for advertisers [10][11]. - Analysts believe that the potential for algorithm optimization in programmatic advertising remains significant, with AI expected to improve efficiency and precision in ad placements [11].