Today's Internet - Better Than Coffee. DSP Competition, UK Ban, LLM Model Pricing

研报英文原文证据摘录

Today's Internet - Better Than Coffee. DSP Competition, UK Ban, LLM Model Pricing

Global Internet

ECommerce - Market Overweight

Mobility & Delivery - Market Overweight

Online Advertising - Market Overweight

Subscription - Market Weight

Today's Internet - Better Than Coffee. DSP Competition, June 16, 2026

UK Ban, LLM Model Pricing

The Wolfe Byte

Skip the brew—this morning note has your caffeine dose! In this note we share key upcoming events, our thoughts

on some material news, our recently published notes, and rationale behind some recent stock moves.

Top of mind topics: DSP Competition, UK Social Media Ban, AI Pricing Power

Our take on top hits:

●As competition between DSPs heats up, buyers rank market rivals (link). DSP competitive landscape has

been changing over the recent past with Yahoo, Viant, and StackAdapt, all gaining share in addition to Amazon.

Providers are integrating dashboards, agentic AI systems, and ease of managing investments to work with the

needs and wants of buyers. In a recent buyers' survey, advertisers rank ordered each of the DSPs across five

metrics. Our View: TTD performed best on data transparency, but poorly on price performance. Price performance

has been a key reason for advertisers to consider competing platforms, away from TTD in the recent past. That

said, for TTD, its product is still viewed positively with the highest fee/data transparency rating as compared to

peers (DV360, Amazon DSP, and Yahoo DSP) amidst prior negative headlines with Publicis. DV360 remains most

used given its access to YouTube and performed best on targeting and inventory access. Finally, Amazon ranked

well on data targeting and Yahoo DSP on targeting, price performance, and customer service.

●AI giants are learning a hard lesson about pricing power (link).