MY UPDATED THOUGHTS ON $TTD I sold my position three weeks ago and told subscribers exactly why -- today, every major analyst note is echoing the same view. The Trade Desk remains one of the cleanest operators in ad tech and a profit machine. But the 20% growth era is over -- not because of poor execution, but because the terrain has shifted. The LLM earthquake is already shaking the open internet, and in the new game, distribution is everything -- advertisers are steering more dollars toward $AMZN a $META. The Trade Desk will still do well, but “well” doesn’t justify a premium multiple in a digital economy rewriting its own rules. At 53x 2025 FCF going into this print, it was priced as if the old order still ruled. In my view, it belongs closer to 30x -- not bearish, just reality in a world where AI compresses the value of middlemen and funnels the spoils to those who own the data, the user, and the last click. The bigger truth is this: in the AI economy, old winners aren’t guaranteed to be new winners.