The Point for North America

Research evidence excerpt

The Point for North America

Point |

Monday, 29 June 2026

Morning Call Highlights | Company | Industry | Economics & Strategy | Key Rating and Target Price

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Morning Call Highlights Must Read

North America Internet - Digital Postcard from Cannes ‘26: Advertising Enters North America Road Ahead 2026 -

the Agentic Era Amid a Relatively Healthy Ad Environment Navigating a Multi-Lane Highway

After attending Cannes and meeting with almost every major ad platform and

brand, we are incrementally positive on the broader online advertising ecosystem,

the benefits of AI and agents, and the growing importance of data, commerce, and

brand visibility as the web evolves from queries to quests. The tone across

meetings was largely constructive: demand across Search, Social, and CTV

appears relatively healthy and AI is improving workflows and delivering greater

personalization and creative cadence, while watching the evolution of agent-to-

agent advertising and adoption of Agentic Commerce. We believe LLM Search is

likely to come from incremental ad budgets in the near-to-medium term. While on

agencies, Publicis is perceived to be the best positioned, with Epsilon’s data a key

differentiator. Our top 11 takeaways are below and note GOOGL, AMZN, META,

RDDT, FOX, PUBP, and INF are among our top picks following Cannes and into

2Q results.

Ronald Josey | Tyler Radke | Jason B Bazinet | Ciaran Donnelly

Key Datapoints from Cannes 2026 Announcements

INNIO Group (INIO.O) - Compelling Onsite Data Center Power Play, But Growth

Priced in Stock; Initiate INIO Neutral

We think INIO’s well-established position as a public “pure-play” reciprocating

engine manufacturer supports a significant multi-year earnings growth