For the last few years, AppLovin was a beat and raise machine. Beat the top line by 4%, guide 3% ahead, see you next quarter. It was boring in the best way. This quarter the streak broke. Revenue still grew 53%, but the company came in 1% light against its own guidance, and the stock now trades at 15 times earnings, the same multiple as The Trade Desk.

That comparison is why Shay Boloor and Brad Freeman spend the whole episode here. Trade Desk's slide started with very reasonable sounding excuses too, and they both watched it happen up close. So they want to know whether AppLovin is just a victim of the trust Trade Desk burned, or whether this really is the first crack.

They dig into the late model update behind the miss, whether Unity's gaming data is real competition, what it costs to keep making Axon better every three months, and the push into e-commerce against Meta, Google, and Amazon.

Shay comes out bullish. He thinks the new risks are already priced in at 15 times earnings, and further weakness would make him more aggressive, not less. Brad stays neutral. If he wants advertising exposure, he'd rather own the multi-trillion dollar companies that are growing like weeds. Both agree Q3 decides it.

Watch the full episode with chapters on YouTube: https://youtu.be/Rv8LDYcBbRI

New episodes every Monday, so you know what to watch before the week trades.

Nothing in this episode is investment advice. Shay and Brad discuss their own portfolios; neither owns AppLovin, and they hold positions in some other names mentioned, including Meta and MercadoLibre.