Meta is still printing huge ad revenue, Reddit just posted 69% revenue growth and 74% ad revenue growth, and Zeta beat on EPS/revenue with solid growth too.
APP is the cleaner way to play performance ads + AI leverage, but the real test is May earnings and guidance.
Positions: 22x 420/430 and 46x 490/500 06/18 spreads, so I’m convinced the ad train keeps rolling into earnings.
APP isn’t cheap, but the setup still looks strong if the guide stays hot.
