ChatGPT Ad Checks Improving Rapidly; See Competitive Intensity Rising in Digital Ads

研报英文原文证据摘录

ChatGPT Ad Checks Improving Rapidly; See Competitive Intensity Rising in Digital Ads

Equity Research

Industry Update — May 26, 2026

Internet

ChatGPT Ad Checks Improving Rapidly; See

Competitive Intensity Rising in Digital Ads

Rapid Progress Reminds Us of Amazon Prime Video Ramp

in 2024

Our Call Alec Brondolo

Our latest round of ChatGPT ad checks indicate dramatic progress has been made since Equity Analyst | Wells Fargo Securities, LLC

Alec.Brondolo@wellsfargo.com | 212-214-5435

March. Self-service portal is live, CPC bidding enabled & pricing improving rapidly (CPMs

Ken Gawrelskinow $15 - 30). See competitive risk to SMID digital ads in 2H:26 / 2027.

Equity Analyst | Wells Fargo Securities, LLC

Ken.Gawrelski@wellsfargo.com | 617-210-3707

Refreshed ChatGPT Ads Checks suggest potential for competitive pressure in SMID Zachary Morrissey

digital ads as soon as 2H:26; see similarity to Prime Video Ads ramp in '24. May Associate Equity Analyst | Wells Fargo Securities, LLC

ChatGPT ad checks +VE, driven by several new capabilities & more attractive CPMs. Active Zachary.Morrissey@wellsfargo.com | 212-214-5344

advertisers suggested ChatGPT could reach 3 - 5% wallet share by YE26. In 2024, Prime Drew Daniels

Video introduced CTV ads to 115M US MAUs w/ low CPMs & strong ad-tech, causing Associate Equity Analyst | Wells Fargo Securities, LLC

competitive displacement. In our view, ChatGPT ads could be similarly disruptive. Drew.Daniels@wellsfargo.com | 212-214-8011

ChatGPT Ads product has made significant strides since our initial round of checks in

March: self-service portal, Pixel, CAPI, CPC Bidding, new campaign objectives. Several

positive developments highlighted by checks since March. CPMs now $20 - 30 vs. $60

prior.