Hello Sir,
Like you, APP is one of my highest allocation positions given its demonstrated growth and traction /ROI with each new user base it has been incrementally adding to AXON..
My concern is that I’m hearing about how Gemini is leading to massive drops in click-thru-rates to content providers on Google. This is (at best) a tenuous connection to APP since AXON is more about in-app ads and CTV. However, I can’t shake the inevitable ad revenue collapse that will undoubtedly come from under-monetized SEO and content (one anecdote is business insider seeing 80% drop in search engine referrals.) seems like a potentially big weight on ad spend and thinking it could have knock-on effects.
Have you thought about this at all? APP is still a 10% position for me.
Thanks,
Eric