---
title: "Ad Tech 13Fs: Trade Desk, AppLovin, Magnite, PubMatic Decoded"
type: learn
slug: ad-tech-13f-ttd-applovin-decoder
canonical_url: https://13finsight.com/learn/ad-tech-13f-ttd-applovin-decoder
published_at: 2026-05-16T16:29:22.570Z
updated_at: 2026-05-16T16:29:29.163Z
author: Sarah Mitchell
author_title: Education Editor
author_url: https://13finsight.com/authors/sarah-mitchell
word_count: 748
locale: en
source: 13F Insight
---

# Ad Tech 13Fs: Trade Desk, AppLovin, Magnite, PubMatic Decoded

> The Trade Desk, AppLovin, Magnite, PubMatic, plus Criteo and Integral Ad Science anchor US-traded ad tech 13F positioning. Multi-year emerging Connected TV (CTV) growth, retail media networks, plus emerging emerging Google ad tech antitrust dynamics drive distinctive institutional patterns.

US-traded ad tech equities form a distinctive advertising technology corner of institutional 13F positioning. The Trade Desk (TTD), AppLovin (APP), Magnite (MGNI), PubMatic (PUBM), Criteo (CRTO), plus Integral Ad Science (IAS, ad verification) anchor the cohort. Multi-year emerging Connected TV (CTV) growth, retail media networks, plus emerging emerging Google ad tech antitrust dynamics drive distinctive institutional positioning. Reading ad tech 13F positioning requires understanding the supply-vs-demand-side framework plus the multi-year category dynamics.The ad tech business modelAd tech companies operate four primary economic engines:Supply-vs-demand-side. Multi-year emerging supply-vs-demand-side dynamics drives operator positioning. Multi-year emerging demand-side platforms (DSP) plus emerging emerging supply-side platforms (SSP) plus emerging emerging emerging emerging ad exchanges plus emerging emerging emerging emerging ad verification drive multi-year emerging emerging ecosystem economics. Multi-year emerging The Trade Desk DSP plus emerging emerging Magnite plus PubMatic SSP plus emerging emerging Criteo retail media plus emerging emerging IAS verification.Connected TV growth. Multi-year emerging Connected TV (CTV) growth drives ad tech operator economics. Multi-year emerging CTV ad spending grew from $20B (2020) to $33B (2024) plus emerging emerging multi-year ramp to $50B+ by 2027. Multi-year emerging Netflix ads (launched Nov 2022) plus emerging emerging Amazon Prime Video ads (Jan 2024) plus emerging emerging Disney+ ads plus emerging emerging Max ads plus emerging emerging Paramount+ ads drive multi-year emerging emerging CTV inventory growth.Retail media networks. Multi-year emerging retail media networks drives advertising operator economics. Multi-year emerging Amazon Ads ($50B+ 2024 estimated) plus emerging emerging Walmart Connect plus emerging emerging Kroger Precision Marketing plus emerging emerging emerging emerging Target Roundel plus emerging emerging emerging emerging Costco plus emerging emerging emerging emerging Best Buy plus emerging emerging emerging emerging emerging emerging emerging emerging Albertsons plus emerging emerging Macy's drive multi-year emerging retail media spending. Multi-year emerging emerging retail media reached $46B+ (2024) plus emerging emerging multi-year ramp to $100B+ by 2028.Google ad tech antitrust emerging. Multi-year emerging Google ad tech antitrust dynamics drives multi-year emerging operator opportunity. Multi-year emerging US DOJ ad tech monopolization case (April 2025 ruling found Google liable on two counts of monopolization in ad server plus ad exchange) plus emerging emerging emerging remedy phase plus emerging emerging potential AdX plus DFP divestiture plus emerging emerging emerging EU Commission Google ad tech case drive multi-year emerging emerging ad tech competitive dynamics. Multi-year emerging emerging The Trade Desk plus Magnite plus PubMatic potential Google ad tech market share gain.Major US ad tech namesThe Trade Desk (TTD)Largest independent DSP plus emerging emerging UID2 (Unified ID 2.0 identity solution) plus emerging emerging Kokai plus emerging emerging OpenPath direct supply plus emerging emerging Connected TV plus emerging emerging retail data plus emerging emerging audio plus emerging emerging digital out-of-home. Multi-year emerging Jeff Green founder-CEO leadership.AppLovin (APP)Diversified mobile gaming ad tech plus emerging emerging AppDiscovery plus emerging emerging MAX mediation plus emerging emerging Adjust attribution plus emerging emerging emerging emerging AI-driven ad targeting plus emerging emerging Axon AI engine. Multi-year emerging operational scaling plus emerging emerging Adam Foroughi founder-CEO leadership.Magnite (MGNI)Largest independent SSP plus emerging emerging SpotX plus emerging emerging SpringServe acquisition (2021) plus emerging emerging Connected TV plus emerging emerging Magnite Streaming plus emerging emerging Demand Manager. Multi-year emerging Michael Barrett CEO leadership.PubMatic (PUBM)Diversified SSP plus emerging emerging OpenWrap header bidding plus emerging emerging Connected TV plus emerging emerging Activate sell-side curation plus emerging emerging Rajeev Goel founder-CEO leadership.Criteo (CRTO)Diversified retargeting plus emerging emerging Commerce Media plus emerging emerging Commerce Growth plus emerging emerging Retail Media plus emerging emerging emerging emerging emerging emerging Megan Clarken CEO leadership.Integral Ad Science (IAS)Diversified ad verification plus emerging emerging brand safety plus emerging emerging viewability plus emerging emerging fraud detection plus emerging emerging emerging emerging emerging emerging Lisa Utzschneider CEO leadership.How institutional managers position around ad techThree patterns appear across smart-money 13Fs:Pattern 1: DSP-leadership concentrationTTD-concentrated growth manager positions reflect independent DSP leadership plus emerging emerging UID2 thesis.Pattern 2: Mobile-gaming positioningAPP-concentrated growth manager positions reflect mobile gaming ad tech plus emerging emerging Axon AI thesis.Pattern 3: Google-antitrust positioningMGNI, PUBM-concentrated active manager positions reflect potential Google ad tech market share gain thesis.How to read ad tech 13F positioningThree rules apply:Rule 1: Identify segment exposureDSP vs SSP vs verification have distinct dynamics.Rule 2: Watch take-rateMulti-year take-rate drives operator revenue.Rule 3: Cross-check CTV dynamicsMulti-year CTV drives long-term operator growth.What ad tech positioning signalsDSP-leadership conviction. Concentrated TTD positions signal DSP leadership thesis.Mobile-gaming conviction. Concentrated APP positions signal mobile gaming ad tech thesis.Antitrust-opportunity conviction. Concentrated MGNI, PUBM positions signal Google ad tech market share thesis.For real-time tracking of ad tech 13F activity, see the institutional signals feed.

## FAQ

### What are the major US-traded ad tech companies?

Six major US-traded ad tech: (1) The Trade Desk (TTD) — largest independent DSP plus UID2; (2) AppLovin (APP) — mobile gaming plus Axon AI; (3) Magnite (MGNI) — largest independent SSP plus CTV; (4) PubMatic (PUBM) — SSP plus OpenWrap; (5) Criteo (CRTO) — retargeting plus Commerce Media; (6) Integral Ad Science (IAS) — ad verification plus brand safety.

### How does the supply-vs-demand-side ad tech work?

Supply-vs-demand-side dynamics drives operator positioning. Demand-side platforms (DSP) plus supply-side platforms (SSP) plus ad exchanges plus ad verification drive ecosystem economics. The Trade Desk DSP plus Magnite plus PubMatic SSP plus Criteo retail media plus IAS verification. DSPs serve advertisers (buying side) plus SSPs serve publishers (selling side). Multi-year take-rates 5-15% range at SSPs vs 15-25% range at DSPs.

### How does Connected TV growth drive ad tech?

Connected TV (CTV) growth drives ad tech operator economics. CTV ad spending grew from $20B (2020) to $33B (2024) plus multi-year ramp to $50B+ by 2027. Netflix ads (launched Nov 2022) plus Amazon Prime Video ads (Jan 2024) plus Disney+ ads plus Max ads plus Paramount+ ads drive CTV inventory growth. Multi-year emerging Roku Channel plus emerging emerging Pluto TV plus emerging emerging Tubi plus emerging emerging FAST drive multi-year inventory.

### How do retail media networks work?

Retail media networks drives advertising operator economics. Amazon Ads ($50B+ 2024 estimated) plus Walmart Connect plus Kroger Precision Marketing plus Target Roundel plus Costco plus Best Buy plus Albertsons plus Macy's drive retail media spending. Retail media reached $46B+ (2024) plus multi-year ramp to $100B+ by 2028. Multi-year emerging retail data plus emerging emerging shopper insights plus emerging emerging closed-loop measurement drive operator economics.

### What is the Google ad tech antitrust case?

US DOJ ad tech monopolization case (April 2025 ruling found Google liable on two counts of monopolization in ad server plus ad exchange) plus remedy phase plus potential AdX plus DFP divestiture plus EU Commission Google ad tech case drive ad tech competitive dynamics. Multi-year emerging The Trade Desk plus Magnite plus PubMatic potential Google ad tech market share gain. Reading remedy phase milestones drives positioning.

### What signals ad tech cycle inflections?

Four signals: (1) take-rate plus emerging gross spend dynamics; (2) Connected TV plus emerging retail media growth; (3) Google ad tech antitrust remedy plus emerging emerging market share dynamics; (4) AI-driven targeting plus emerging emerging cookie deprecation dynamics. Concentrated 13F changes around these signals reveal manager cycle reading.

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Source: 13F Insight — https://13finsight.com/learn/ad-tech-13f-ttd-applovin-decoder
Author: Sarah Mitchell — https://13finsight.com/authors/sarah-mitchell
Last updated: 2026-05-16T16:29:29.163Z