Shares of The Trade Desk (NASDAQ: TTD), the world’s largest independent demand-side platform for digital ad buyers, more than quadrupled over the past 12 months. That rally might seem surprising, since many online advertising companies generated slower ad sales during the pandemic, but demand for The Trade Desk’s services remained fairly stable throughout the crisis.
However, The Trade Desk also lost about a fifth of its value over the past month, for two main reasons. First, rising bond yields sparked a rotation from the market’s frothier growth stocks toward value stocks. Second, new privacy measures from Apple (NASDAQ: AAPL) and Alphabet‘s (NASDAQ: GOOG) (NASDAQ: GOOGL) Google are threatening to throttle sales of targeted ads on multiple platforms.