Downgrading The Trade Desk's Moat to None From Narrow Due to Increasing Competitive Intensity and AI

The Trade Desk is a demand-side platform that helps advertisers plan, execute, and optimize data-driven ad campaigns across multiple media channels. Unlike ad giants such as Google, Amazon, and Meta—often called walled gardens—TTD exclusively serves advertisers, avoiding conflicts of interest by not representing its own ad inventory. Unfortunately for TTD, the lack of inventory ownership results in a less deterministic closed-loop system that advertisers prefer.