
"In my opinion, the market has gotten this one wrong in two ways: The ad-tech market has made TTD out to be a villain The financial markets are fixated on the next quarter and missing the bigger competitive picture Nonetheless, the opportunity for TTD is significant. Founder and CEO Jeff Green still believes the maturity of this market is in the top of the first inning. More on the digital advertising market size and projected growth rates later."
A nuanced analysis of TTD's business model and how it competes, especially against walled gardens + looking ahead
Understanding The Trade Desk's Competitive Dynamics
Sycamore Capital Management
October 22, 2025
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