US Internet Takeaways from 2Q26 Ad Expert Call Series - 5

研报英文原文证据摘录

US Internet Takeaways from 2Q26 Ad Expert Call Series - 5

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CPC inflation across nearly every vertical / client. There was also an increased need +1-212-713 1201

to underwrite the higher CPCs as organic search traffic had gone to near zero due

to AI Overviews / AI Mode. YouTube growth is came in roughly in line at 13% vs

12.5%-13% prior. Looking forward, 3Q26 Search growth forecast also stands at

11% (with our expert noting tools such as AI Max were supporting performance

incrementality now), whereas YouTube was unchanged at 13% with our expert

noting consequential spending planned around the world cup. As a result, 2026

Search budget growth was revised up to 10%-11% from 8.5%-9% prior;

YouTube growth estimates were roughly unchanged at 13% with some upside

bias if the current Upfront season led to more opportunity and if YouTube AI tools

starting contributing to performance sooner than expected.

META (Directionally +ve): 2Q26 tracking above forecasted 9% and closer to

10%. Our expert increased 2026 growth expectation to 10% YOY (vs 9% prior),

citing that Meta had also seen a CPM increase but clients maintained willingness

to spend as the platform remains performant. Our expert flagged that majority of

the spend was going to Instagram, with some to Facebook and further that he was

not yet testing either Meta Business Messenger or new WhatsApp chat / search

products (read our note here). 3Q26 budget forecast was raised to 10% from 9%

prior.

AMZN (Directionally +ve): Better-than-expected 2Q26 with core Amazon PLA /

search budgets growing 7.5% YOY vs 6.5% projected and Prime Video / CTV /

DSP budgets reporting 20% vs 18%-19% projected. PLA spend was held back by

the expert having high exposure to healthcare where clients were hesitant to