ZETA - Quick Take – Progress With OpenAI on Ad Tech Front; Additional Athena Highlights and Thoughts on LiveRamp Buyout

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ZETA - Quick Take – Progress With OpenAI on Ad Tech Front; Additional Athena Highlights and Thoughts on LiveRamp Buyout

Truist Securities

Equity Research Report May 19, 2026

TMT: Application Software and Zeta Global Holdings Corp. (ZETA)

Agentic AI

ZETA - Quick Take – Progress With OpenAI on Ad Tech Front;

Terry Tillman Additional Athena Highlights and Thoughts on LiveRamp Buyout

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Terry.Tillman@truist.com

Today, we virtually attended Zeta Global's presentation at a competitors’ conference. We

Connor Passarella came away incrementally confident in the company’s ability to be an AI winner. The company

212-326-6153 highlighted advancements in its partnership with OpenAI (Private), moving past using

Connor.Passarella@truist.com ChatGPT as a foundational layer for Athena to active commercial partnership. Management

also highlighted growing traction with Athena and the new development of Athena for

Giancarlo Valle Agencies as well as commentary on agency Holdco partner Publicis Groupe (PUB, NR)

212-537-9006 acquiring LiveRamp.

Giancarlo.Valle@Research.truist.com

OpenAI Partnership Expansion. During the conference presentation, management

announced that they are advancing their partnership with OpenAI by helping them run their

advertising. Zeta is going to bring their enterprise clients into the OpenAI ecosystem and

Current Price (May 18, $19.19 will begin running ads for their clients there. This marks a meaningful expansion in their

2026) partnership with OpenAI as Zeta moves beyond just using ChatGPT as a foundational layer

Stock Rating BUY for Athena to important commercial partner/revenue relevance, in our opinion. Additionally, the company highlighted its unique integration positioning as they view themselves as the Unchanged