Core Insights - Zeta Global (ZETA) is set to report its second-quarter 2025 results on August 5, with expected revenues of $296.4 million, indicating a 30.1% year-over-year growth [1] - The consensus estimate for earnings per share is 14 cents, reflecting a 7.7% increase from the previous year [1] - The company has a negative earnings surprise history, missing estimates in three of the last four quarters with an average negative surprise of 7.7% [2][3] Revenue and Earnings Estimates - The current earnings ESP for Zeta Global is -8.26%, and it holds a Zacks Rank of 5 (Strong Sell) [3] - The consensus estimates for earnings per share have seen downward revisions over the past 60 days, with a decline of 6.67% for the current quarter [2] Market Performance - Zeta Global's shares have declined by 34.8% over the past year, underperforming its industry, which has seen a 62.3% increase, and the Zacks S&P 500 composite, which rose by 17.2% [9] - The stock is currently trading at a trailing 12-month price-to-earnings ratio of 19.74, lower than the industry average of 23.24 [12] Growth Drivers - The company launched AI Agent Studio in Q1 2025, which is expected to capitalize on the rapidly growing generative AI market, projected to grow at a 43.4% CAGR from 2025 to 2032 [5] - Zeta Global's agentic workflows are designed to enhance marketing capabilities, particularly in sectors like BFSI, Retail, and Travel [6] Investment Considerations - Approximately 73% of Zeta's revenue is generated from direct platform advertising, making it vulnerable to economic downturns that may lead to reduced marketing budgets [15] - The company has not paid dividends and does not plan to, which may deter income-seeking investors [18] Final Outlook - Despite potential growth from AI technologies, Zeta Global faces challenges due to anticipated economic slowdowns that could impact revenue generation [19] - The unpredictability of free cash flow and lack of dividends are significant concerns for investors [20]

Core Viewpoint - Nexxen International Ltd. has repurchased 880,000 Ordinary Shares at an average price of $10.41 during July 2025, indicating a commitment to returning value to shareholders [1]. Company Summary - As of July 31, 2025, Nexxen had 58,061,174 Ordinary Shares outstanding, excluding treasury shares, and approximately $7.2 million remaining under its current share repurchase program authorization [2]. - Nexxen operates as a global advertising technology platform, specializing in data and advanced TV, providing a flexible and unified technology stack that includes a demand-side platform (DSP) and supply-side platform (SSP) [3]. - The company's capabilities encompass discovery, planning, activation, monetization, measurement, and optimization, designed to meet the diverse needs of advertisers, agencies, publishers, and broadcasters [3]. - Nexxen is headquartered in Israel and has offices across the United States, Canada, Europe, and Asia-Pacific, and is publicly traded on Nasdaq under the ticker NEXN [4].

Core Viewpoint - Meta Platforms and Broadcom are positioned to potentially surpass Apple's market value of $3.1 trillion within five years, driven by advancements in artificial intelligence [1] Group 1: Meta Platforms - Meta Platforms owns three of the four most popular social media platforms: Facebook, Instagram, and WhatsApp, making it a valuable advertising partner and the second largest ad tech company globally [4] - The company is leveraging AI to enhance consumer engagement, with time spent on Facebook increasing by 7% and on Instagram by 6% over the past six months [5] - The number of advertisers using AI creative tools rose by 30% in the first quarter, and AI has improved ad targeting for Reels, increasing conversion rates by 5% [6][7] - Meta's market value is currently $1.7 trillion, requiring an 88% stock gain to reach $3.2 trillion, implying annual returns of 13.5% over the next five years [6] - The smart glasses market, which Meta dominates, tripled in size last year and is expected to grow over 60% annually through 2029, with potential to replace smartphones [8] - Wall Street estimates Meta's earnings will grow at 15% annually over the next three to five years, making a market value increase to $3.2 trillion plausible [9] Group 2: Broadcom - Broadcom is a leader in infrastructure software and semiconductor solutions, particularly in Wi-Fi chipsets and Ethernet switch chips, with increasing demand due to AI workloads [10] - The company is the leading supplier of custom AI accelerators (ASICs) and develops AI ASICs for major clients including Apple, Google, and Meta Platforms, with the market for AI ASICs expected to grow at 34% annually through 2030 [11] - Broadcom's current market value is $1.4 trillion, needing a 129% increase to reach $3.2 trillion, which implies annual returns of 18% over the next five years [6][12] - Despite challenges, Broadcom has consistently beaten earnings estimates, suggesting potential underestimation of future growth, with AI chip revenue projected to quadruple by 2027 [13]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $483 million, with contribution ex TAC increasing to $292 million, reflecting a year-over-year tailwind from foreign currencies of $6 million [28] - At constant currency, Q2 contribution ex TAC grew by 7% year-over-year, representing growth of 21% on a two-year stack basis [28] - Adjusted EBITDA for Q2 2025 was $89 million, reflecting strong operational leverage from top-line growth and cost discipline [33] - Net income for Q2 2025 was $23 million, resulting in diluted earnings per share of $0.39 and adjusted diluted EPS of $0.92 [34] Business Line Data and Key Metrics Changes - In Performance Media, revenue was $422 million, with contribution ex TAC up 6% at constant currency or 17% on a two-year stack basis [29] - Retail Media revenue was $61 million, with contribution ex TAC growing 11% at constant currency, representing a 35% increase on a two-year stack [31] - Campaign volume for Commerce Go grew 200% quarter-over-quarter, driven by increasing adoption from SMB advertisers and lower churn [18] Market Data and Key Metrics Changes - Travel vertical grew by 28% in Q2 2025, with notable strength in APAC driven by full funnel activation [20] - Retail spending, particularly in fashion, was down 6%, indicating challenges in certain sectors [30] - Media spend in Q2 grew 20% year-over-year, demonstrating share gains across a diversified client base [32] Company Strategy and Development Direction - The company is focused on delivering full funnel, cross-channel, self-service advertising, leveraging unique commerce data and AI [6] - A renewed focus on performance media and accelerated AI innovation is expected to drive the next phase of growth [15] - The company is expanding its partnerships with agencies, including a significant partnership with Dentsu, to enhance its commerce media platform [10] Management's Comments on Operating Environment and Future Outlook - Management noted a slow start to the quarter but observed better macro trends in May, with a relatively stable environment since then [28] - The company anticipates positive free cash flow generation in the second half of the year, with a free cash flow conversion rate above 45% of adjusted EBITDA [35] - For 2025, the company expects contribution ex TAC to grow 3% to 4% year-over-year at constant currency, with growth in each segment [37] Other Important Information - The company has a strong financial position with $746 million in total liquidity and no long-term debt [36] - The company is committed to disciplined capital allocation, including investments in high ROI organic investments and share buyback programs [36] Q&A Session Summary Question: What is the monetization strategy for the AgenTic AI product? - The monetization strategies for AgenTic AI are still being determined, with options ranging from affiliate programs to sponsored citations [43][46] Question: Are clients actively spending on AgenTic AI? - It is early days in discussions, with retailers focusing on controlling data flows and ensuring relevance in the shopper journey [53][55] Question: Can you elaborate on the agency relationships and their impact on financials? - The agency relationships are structured around shared economics, data integration, and co-development strategies, with strong traction in agency spending [58][63] Question: What is the outlook for CTV and its value to advertisers? - CTV is seen as a promising channel for performance-based advertising, with the ability to tie advertising to sales lift [81][84] Question: How is the Miracle partnership expected to impact market penetration? - The Miracle partnership is aimed at unlocking demand from third-party sellers in the mid to long tail, enhancing Criteo's value proposition [74][75] Question: What is the current retailer count and outlook for retention? - The company now partners with over 230 retailers, with a strong base in the US and Europe, feeling confident about retaining its retailer base [77]

"Nexxen's platform stands out in a complex landscape, and I see real potential to unlock new opportunities for brands and agencies here," said Katsnelson. "I'm looking forward to drawing on my experience across both established companies and agile teams to help shape a thoughtful, future-facing approach to client engagement and enterprise success." Additionally, Oscar Rondon has joined Nexxen as Vice President of Data and Measurement Solutions. In this capacity, he will own the commercial strategy, growth a ...

Core Insights - Magnite's SpringServe video platform has achieved a 25% year-over-year growth in impressions served for FanDuel Sports Network, indicating strong collaboration and momentum in the live sports streaming sector [1][5] - The shift towards streaming live sports content is driving FanDuel Sports Network to leverage Magnite's technology for better monetization and enhanced viewer experience [2][4] Company Overview - Magnite is the largest independent sell-side advertising company, providing technology for publishers to monetize content across various formats including CTV, online video, display, and audio [6] - FanDuel Sports Network, owned by Main Street Sports Group, is a leading multiplatform provider of local sports, producing over 3,000 live sports events annually and partnering with major sports leagues [7][8] Industry Trends - Digital live sports viewership in the U.S. is projected to grow over 14% in 2025, driven by cord-cutting and the increasing preference for streaming among sports fans [5] - The collaboration between FanDuel Sports Network and Magnite positions them to capitalize on the growing trend of digital sports consumption [5]

Q2 2025 Performance Highlights - Contribution ex-TAC reached $292 million, a 7% year-over-year increase[14] - Adjusted EBITDA margin was 31%, exceeding guidance[14] - Performance Media grew by 6% year-over-year, driven by Commerce Audiences and Retargeting trends[15] - Retail Media increased by 11% year-over-year[15] Retail Media Growth and Expansion - Retail Media media spend reached approximately $398 million, up 20% year-over-year[20,28] - Criteo has partnerships with over 200 retailers, including 70% of the Top 30 U S and 50% of the Top 30 EMEA retailers[20] - Criteo's Retail Media same-retailer Contribution ex-TAC retention was +112%[28] Financial Position and Outlook - Revenue was $483 million[25] - Free Cash Flow was $(36) million[25] - The company projects a full-year 2025 Contribution ex-TAC growth of +3% to +4% at constant currency[35] - Adjusted EBITDA is expected to be 33% to 34% of Contribution ex-TAC[35]

Core Viewpoint - Nexxen International Ltd. is set to release its financial results for the second quarter and first half of 2025 on August 13, 2025, before the U.S. market opens, indicating a focus on transparency and communication with investors [1]. Company Overview - Nexxen operates as a global advertising technology platform, specializing in data and advanced TV, providing a flexible and unified technology stack that includes both demand-side and supply-side platforms [3]. - The company's offerings encompass a wide range of capabilities such as discovery, planning, activation, monetization, measurement, and optimization, tailored to meet the diverse needs of advertisers, agencies, publishers, and broadcasters [3]. - Nexxen is headquartered in Israel and has a global presence with offices in the United States, Canada, Europe, and Asia-Pacific, and is publicly traded on Nasdaq under the ticker NEXN [4].

Core Viewpoint - Criteo S.A. has raised its full-year 2025 outlook, reflecting confidence in its business strategy and performance, as evidenced by disciplined execution and a solid foundation for future growth [1][9]. Financial Highlights - Revenue for Q2 2025 was $483 million, a 2% increase year-over-year, while gross profit rose 11% to $259 million [8][9]. - Contribution ex-TAC for Q2 2025 increased 9% year-over-year to $292 million [9][10]. - Net income for Q2 2025 was $23 million, down 18% from $28 million in Q2 2024, resulting in diluted EPS of $0.39 [10][11]. - Adjusted EBITDA for Q2 2025 was $89 million, a decrease of 4% year-over-year [11][41]. Operating Highlights - Criteo's media spend was $4.3 billion over the last 12 months, with $1.0 billion in Q2 2025, remaining flat year-over-year at constant currency [7]. - Retail Media Contribution ex-TAC grew 11% year-over-year at constant currency, with same-retailer retention at 112% [7]. - The company expanded its platform to 4,000 brands and launched new technologies, including Auction-Based Display and a global integration with Mirakl Ads [7]. Cash Flow and Financial Position - Cash flow from operating activities was $(1) million in Q2 2025, while Free Cash Flow was $(36) million [13][14]. - As of June 30, 2025, Criteo had $241 million in cash and marketable securities, down from $290 million at the end of 2024 [14][35]. Business Outlook - Criteo expects Contribution ex-TAC to grow by 3% to 4% at constant currency for the full year 2025, an increase from previous low-single-digit growth guidance [15][17].

Group 1: Palantir Technologies - Palantir Technologies aims to become the operating system of AI, similar to how Apple, Alphabet, and Microsoft dominate their respective markets [2] - The AI Platform (AIP) integrates data across organizations to enhance AI's actionability, with applications in various industries including defense and healthcare [3][4] - Revenue growth is accelerating, particularly in the U.S. commercial sector, with significant government contracts, including a deal with NATO [4][5] Group 2: Advanced Micro Devices (AMD) - AMD is positioning itself in the AI market by focusing on inference, which is expected to grow larger than the training market dominated by Nvidia [7][8] - The company is gaining traction with its GPUs for inference tasks, with one major AI model company utilizing AMD's hardware for a significant portion of its traffic [8] - The development of UALink, a new open-source standard for AI data centers, could allow AMD to gain market share by enabling compatibility with various AI chips [9][10] Group 3: AppLovin - AppLovin has successfully launched its AI-driven advertising engine, Axon 2, which has significantly improved ad targeting and revenue, particularly in gaming apps [11][12] - The company is exploring expansion into e-commerce and web-based ads, which could lead to substantial growth if successful [13][15] - Despite facing scrutiny from short-sellers, AppLovin has attracted interest from notable investors and continues to operate on major platforms like Google Play and Apple's App Store [14][15]