Core Insights - The Trade Desk, Inc (TTD) and Alphabet Inc (GOOGL) are key players in the programmatic advertising ecosystem, with TTD focusing on demand-side platform services and Alphabet dominating the digital ad space through its extensive ecosystem [1][2] The Case for TTD - TTD is optimistic about its market performance, driven by initiatives in connected TV (CTV), retail media, international expansion, and the Kokai platform, which has seen two-thirds client adoption ahead of schedule [3][4] - The Kokai platform has demonstrated significant efficiency improvements, including a 24% reduction in cost per conversion and a 20% reduction in cost per acquisition [3] - TTD's first-quarter revenues increased by 25% year-over-year, with adjusted EBITDA at $208 million, representing a 34% margin [5] - The company anticipates revenues of at least $682 million for Q2 2025, indicating a 17% year-over-year growth [5] - TTD's reliance on CTV for growth poses risks due to market fragmentation and competition, with 88% of revenues coming from North America [6][7] The Case for GOOGL - Alphabet's ad revenue grew by 8.5% year-over-year in Q1 2025, supported by increases in Google Search and YouTube ads [8][11] - In 2024, Google advertising revenues reached $264.59 billion, with a significant contribution from Search and YouTube [11] - Alphabet's integration of AI into its advertising platforms is enhancing growth, with features like AI Mode in Search and the Offerwall tool in Ad Manager [10][12] - The company generated $36.15 billion in cash from operations in Q1 2025, with cash equivalents and marketable securities totaling $95.328 billion [13] Share Performance and Valuation - Over the past month, TTD and GOOGL shares increased by 13.7% and 14.8%, respectively [16] - TTD is considered overvalued with a forward price/earnings ratio of 41.06X, while GOOGL's ratio stands at 19.35X [17][18] - Both companies currently hold a Zacks Rank 3 (Hold) [22] Conclusion - While both companies benefit from the growth in CTV and retail media, Alphabet's broader ad ecosystem, stronger financials, and diversified revenue streams position it as a more resilient long-term investment [23]

当AI聊天机器人、AI搜索受到越来越多用户的青睐，AI厂商与内容创作者的矛盾已然不可调和，AI时 代的流量争夺战迎来了全线升级，"AI摘要"劫持流量更是成为内容创作者拒绝接受的现实。这时候，云 服务提供商Cloudflare选择与内容创作者站在一起，不久前宣布将默认阻止AI爬虫在未经网站所有者许 可或补偿的情况下抓取其内容。 Pay Per Crawl是Cloudflare推出的一个交易市场，为内容创作者和AI厂商提供了一个撮合交易的场景。 为了Pay Per Crawl，早在一年前Cloudflare就宣布，为使用其服务的网站提供AI审计工具 (Cloudflare AI Audit) ，向网站站长报告AI厂商的爬虫何时访问网站、抓取数据的IP地址、抓取频次，以及其他相关数 据。 要知道一个交易平台想要成功，买卖双方的认可才是关键。可现在的情况是作为卖方的内容创作者、网 站站长对于Pay Per Crawl有着迫切的需求，可买方AI厂商则不然。 在目前的条件下，一般的网站其实很难抵御AI爬虫的抓取，只能提供"软约束"的robots.txt更是已经成为 废纸。同时AI直接将内容浓缩为摘要的行为，让用户根本就不 ...

As AI kills search traffic, Google launches Offerwall to boost publisher revenue | TechCrunch https://t.co/np54EvzLjW ...