<p><strong>亚马逊</strong>(AMZN -0.23%) 不仅在一个行业中崭露头角，还在两个行业中取得了领先。该公司以其微笑面孔的快递盒而闻名，长期以来一直是全球最大的数字零售商，主导着电子商务。如果这还不够，亚马逊网络服务（AWS）则是其开创的云计算行业的无可争议的领导者。</p>
<p>近年来，亚马逊专注于一个已成为公司增长最快业务的领域：广告。最初，亚马逊只是想利用其网站上的数字广告空间，现在却获得了越来越多的关注和资源。事实上，最近的一些发展使得亚马逊与 <strong>Trade Desk</strong>(TTD 0.26%) 这一程序化广告领域的领先者之间的关系变得紧张。</p>
<p>亚马逊是否刚刚对 Trade Desk 说了 “将军”？让我们看看证据揭示了什么。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjM1OTcvYS1jb3VwbGUtb24tYS1jb3VjaC1oYXZpbmctYS1kaXNjdXNzaW9uLWFuZC1jb25zdWx0aW5nLWEtc21hcnRwaG9uZS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="393" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjM1OTcvYS1jb3VwbGUtb24tYS1jb3VjaC1oYXZpbmctYS1kaXNjdXNzaW9uLWFuZC1jb25zdWx0aW5nLWEtc21hcnRwaG9uZS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>挖客户？</h2>
<p>Trade Desk 是领先的独立程序化广告服务提供商，通过其需求方平台（DSP）提供服务。这个自助平台帮助广告商和广告代理商购买数字广告空间，并提供大量数据和分析，以跟踪进展并帮助管理他们的广告活动。Trade Desk 在数字广告领域的独特之处在于其行业领先的技术以及与全球最大的广告代理商建立的长期合作关系。</p>
<p>此外，每个 “围墙花园”——包括 <strong>Alphabet</strong> 的谷歌、<strong>Meta Platforms</strong> 和亚马逊——都有将广告导向自己网站的既得利益，这造成了明显的利益冲突。Trade Desk 的独立性帮助其吸引了新业务，并推动了其令人印象深刻的增长，自 2016 年底公司上市以来，股价飙升了 2350%。</p>
<p>然而，证据表明，亚马逊正在全力以赴地挖掘 Trade Desk 的客户。最近一份来自 <em>Adweek</em> 的报告显示，市场营销人员已将数百万美元的广告支出从 Trade Desk 转移到亚马逊。根据报告，广告商被低价吸引，Prime Video 的覆盖范围不断扩大，以及获得公司独家直播体育节目的机会。</p>
<p>单凭这一点，通常不会引起注意，但亚马逊最近又采取了一项行动，表明该公司正准备与 Trade Desk 竞争。</p>
<h2>令人瞩目的合作</h2>
<p>上个月，亚马逊宣布与 <strong>Roku</strong>(ROKU 0.39%) 建立战略合作伙伴关系，将为广告商提供通过亚马逊 DSP 独家访问 “美国最大的认证连接电视（CTV）覆盖范围”。新闻稿中提到，双方覆盖了大约 8000 万户 CTV 家庭，占美国所有 CTV 家庭的 80% 以上。该合作伙伴关系包括许多最受欢迎的流媒体频道，包括大多数主要参与者提供的广告支持内容。</p>
<p>初步结果令人印象深刻。使用这一新整合的广告商在相同预算下接触到了 40% 更多的独特观众。更重要的是，它将一个人看到同一广告的次数减少了近 30%，解决了 CTV 广告中的一个常见问题。</p>
<p>Roku 在美国的覆盖范围不可否认。这家流媒体先锋在 2024 年结束时拥有大约 9000 万流媒体家庭和超过 340 亿小时的流媒体观看时间——这相当于每个家庭每天观看超过四小时。</p>
<h2>这对 Trade Desk 来说是个麻烦吗？</h2>
<p>在整体行业发展轨迹的背景下看待这些发展是很重要的。根据 eMarketer 的数据，自 2016 年以来，总广告支出翻了一番，预计到 2025 年将增长约 9%，超过 1 万亿美元。数字广告是行业中增长最快的细分市场，今年的广告支出约为 7640 亿美元。市场规模的扩大为所有主要广告技术公司提供了更大的机会。</p>
<p>华尔街对这些发展似乎有不同的看法。MoffettNathanson 的分析师认为，这表明亚马逊正在 “削弱” Trade Desk 的护城河。另一方面，<strong>Citi</strong> 的分析师通过渠道检查得出结论，认为 Trade Desk 是 “明显的市场份额领导者” 和表现最佳的 DSP。尽管竞争日益激烈，<strong>Evercore ISI</strong> 的分析师认为，谷歌可能实际上有更多的损失，因为它的业务与亚马逊的重叠更多。</p>
<p>那么，亚马逊是否刚刚对 Trade Desk 说了 “将军”？我会坚决回答 “不是”。在亚马逊据称从 Trade Desk 转移 “数百万” 资金的期间，亚马逊的广告销售同比增长了 18%，而 Trade Desk 的收入增长了 25%。这有助于说明这不是一个零和游戏，毫无疑问会有多个赢家。</p>
<p>此外，Trade Desk 最近推出了其尖端的 Kokai 平台，该平台在广告购买过程中整合了人工智能（AI），为用户提供更大的透明度和更好的结果。</p>
<p>鉴于 Trade Desk 在行业中的领先市场份额、先进技术以及与广告代理商的持久关系，我认为 Trade Desk 仍然处于领先地位。而且，以明年的收益为 34 倍的市盈率，股票的交易价格显著低于其三年平均水平，代表了今天价格的一个引人注目的机会。</p>

亚马逊

亚马逊每日 2 倍做多 ETF - Direxion

<p>亚马逊在数字广告领域正日益与 Trade Desk 展开竞争，利用其广告增长和与 Roku 的新合作关系来吸引广告客户。报告显示，由于竞争性定价和独家内容，市场营销人员正将广告支出从 Trade Desk 转向亚马逊。尽管一些分析师认为亚马逊正在侵占 Trade Desk 的市场，但另一些人则认为 Trade Desk 在行业中仍然是一个强劲的参与者。这两家公司都在经历增长，表明这是一个非零和市场</p>

<p><strong>Amazon</strong>(AMZN -0.23%) made a name for itself by leading not just one industry, but two. The company, known for its smiley-faced delivery boxes, has long been the dominant force in e-commerce as the world's largest digital retailer. If that weren't enough, Amazon Web Services (AWS) is the undisputed leader of the cloud computing industry it pioneered.</p>
<div class="lb-trans"><p><strong>亚马逊</strong>(AMZN -0.23%) 不仅在一个行业中崭露头角，还在两个行业中取得了领先。该公司以其微笑面孔的快递盒而闻名，长期以来一直是全球最大的数字零售商，主导着电子商务。如果这还不够，亚马逊网络服务（AWS）则是其开创的云计算行业的无可争议的领导者。</p>
</div><p>In recent years, Amazon has been focused on an area that has become the company's fastest-growing business: advertising. What began as a way for Amazon to capitalize on the digital real estate on its website is now getting an increasing amount of attention and resources. In fact, a couple of recent developments have put Amazon on a collision course with <strong>The Trade Desk</strong>(TTD 0.26%), one of the leading names in programmatic advertising.</p>
<div class="lb-trans"><p>近年来，亚马逊专注于一个已成为公司增长最快业务的领域：广告。最初，亚马逊只是想利用其网站上的数字广告空间，现在却获得了越来越多的关注和资源。事实上，最近的一些发展使得亚马逊与 <strong>Trade Desk</strong>(TTD 0.26%) 这一程序化广告领域的领先者之间的关系变得紧张。</p>
</div><p>Did Amazon just say &#34;checkmate&#34; to The Trade Desk? Let's see what the evidence reveals.</p>
<div class="lb-trans"><p>亚马逊是否刚刚对 Trade Desk 说了 “将军”？让我们看看证据揭示了什么。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjM1OTcvYS1jb3VwbGUtb24tYS1jb3VjaC1oYXZpbmctYS1kaXNjdXNzaW9uLWFuZC1jb25zdWx0aW5nLWEtc21hcnRwaG9uZS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F823597%2Fa-couple-on-a-couch-having-a-discussion-and-consulting-a-smartphone.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Poaching customers?</h2>
<div class="lb-trans"><h2>挖客户？</h2>
</div><p>The Trade Desk is the leading independent provider of programmatic advertising services via its demand-side platform (DSP). This self-serve platform helps advertisers and ad agencies purchase digital advertising space and provides a magnitude of data and analytics to track progress and help manage their ad campaigns. What sets The Trade Desk apart in the digital advertising space is its industry-leading technology and the long-term partnerships it has forged with the world's largest ad agencies.</p>
<div class="lb-trans"><p>Trade Desk 是领先的独立程序化广告服务提供商，通过其需求方平台（DSP）提供服务。这个自助平台帮助广告商和广告代理商购买数字广告空间，并提供大量数据和分析，以跟踪进展并帮助管理他们的广告活动。Trade Desk 在数字广告领域的独特之处在于其行业领先的技术以及与全球最大的广告代理商建立的长期合作关系。</p>
</div><p>Furthermore, each of the &#34;walled gardens&#34; -- including <strong>Alphabet</strong>'s Google, <strong>Meta Platforms</strong>, and Amazon -- has a vested interest in directing ads to their own sites, creating a clear conflict of interest. The Trade Desk's independence has helped attract new business and fuel its impressive growth streak, as the stock has surged 2,350% since the company's IPO in late 2016.</p>
<div class="lb-trans"><p>此外，每个 “围墙花园”——包括 <strong>Alphabet</strong> 的谷歌、<strong>Meta Platforms</strong> 和亚马逊——都有将广告导向自己网站的既得利益，这造成了明显的利益冲突。Trade Desk 的独立性帮助其吸引了新业务，并推动了其令人印象深刻的增长，自 2016 年底公司上市以来，股价飙升了 2350%。</p>
</div><p>However, evidence suggests Amazon is doing its level best to poach The Trade Desk's customers. A recent report by <em>Adweek</em> suggested that marketers have been moving millions of dollars in ad spending from The Trade Desk to Amazon. Advertisers have been attracted by cut-rate pricing, the growing reach of Prime Video, and access to the company's exclusive live sports programming, according to the report.</p>
<div class="lb-trans"><p>然而，证据表明，亚马逊正在全力以赴地挖掘 Trade Desk 的客户。最近一份来自 <em>Adweek</em> 的报告显示，市场营销人员已将数百万美元的广告支出从 Trade Desk 转移到亚马逊。根据报告，广告商被低价吸引，Prime Video 的覆盖范围不断扩大，以及获得公司独家直播体育节目的机会。</p>
</div><p>On its own, this normally wouldn't raise an eyebrow, but Amazon recently made another move that suggests the company is coming for The Trade Desk.</p>
<div class="lb-trans"><p>单凭这一点，通常不会引起注意，但亚马逊最近又采取了一项行动，表明该公司正准备与 Trade Desk 竞争。</p>
</div><h2>An eye-opening partnership</h2>
<div class="lb-trans"><h2>令人瞩目的合作</h2>
</div><p>Last month, Amazon announced a strategic partnership with <strong>Roku</strong>(ROKU 0.39%) that will provide advertisers with access to &#34;the largest authenticated connected TV (CTV) footprint in the U.S. exclusively through Amazon DSP,&#34; according to the press release. It goes on to note that the pair reaches an estimated 80 million CTV households, representing more than 80% of all CTV households in the country. The partnership includes many of the most popular streaming channels, including ad-supported offerings by most of the major players.</p>
<div class="lb-trans"><p>上个月，亚马逊宣布与 <strong>Roku</strong>(ROKU 0.39%) 建立战略合作伙伴关系，将为广告商提供通过亚马逊 DSP 独家访问 “美国最大的认证连接电视（CTV）覆盖范围”。新闻稿中提到，双方覆盖了大约 8000 万户 CTV 家庭，占美国所有 CTV 家庭的 80% 以上。该合作伙伴关系包括许多最受欢迎的流媒体频道，包括大多数主要参与者提供的广告支持内容。</p>
</div><p>Early results are impressive. Advertisers using this new integration reached 40% more unique viewers with the same budget. Perhaps more importantly, it reduced the number of times a person saw the same ad by almost 30%, solving a common problem in CTV advertising.</p>
<div class="lb-trans"><p>初步结果令人印象深刻。使用这一新整合的广告商在相同预算下接触到了 40% 更多的独特观众。更重要的是，它将一个人看到同一广告的次数减少了近 30%，解决了 CTV 广告中的一个常见问题。</p>
</div><p>Roku's reach in the U.S. is undeniable. The streaming pioneer closed out 2024 with roughly 90 million streaming households and more than 34 billion streaming hours -- which works out to more than four hours of viewing per household per day.</p>
<div class="lb-trans"><p>Roku 在美国的覆盖范围不可否认。这家流媒体先锋在 2024 年结束时拥有大约 9000 万流媒体家庭和超过 340 亿小时的流媒体观看时间——这相当于每个家庭每天观看超过四小时。</p>
</div><h2>Does this spell trouble for The Trade Desk?</h2>
<div class="lb-trans"><h2>这对 Trade Desk 来说是个麻烦吗？</h2>
</div><p>It's important to view these developments in the context of the overall trajectory of the industry. Total ad spending has doubled since 2016 and is expected to climb roughly 9% and surpass $1 trillion in 2025, according to eMarketer. Digital advertising is the fastest-growing segment of the industry, accounting for roughly $764 billion in ad spending this year. The growing market size represents a greater opportunity for all the major adtech players.</p>
<div class="lb-trans"><p>在整体行业发展轨迹的背景下看待这些发展是很重要的。根据 eMarketer 的数据，自 2016 年以来，总广告支出翻了一番，预计到 2025 年将增长约 9%，超过 1 万亿美元。数字广告是行业中增长最快的细分市场，今年的广告支出约为 7640 亿美元。市场规模的扩大为所有主要广告技术公司提供了更大的机会。</p>
</div><p>Wall Street seems to have mixed feelings about these developments. Analysts at MoffettNathanson believe this shows that Amazon is &#34;chipping away&#34; at The Trade Desk's moat. On the other hand, analysts at <strong>Citi</strong> cite channel checks in concluding that The Trade Desk is &#34;the clear market share leader&#34; and best-performing DSP. Despite the growing competition, analysts at <strong>Evercore ISI</strong> posit that Google might actually have more to lose, since more of its business overlaps with that of Amazon.</p>
<div class="lb-trans"><p>华尔街对这些发展似乎有不同的看法。MoffettNathanson 的分析师认为，这表明亚马逊正在 “削弱” Trade Desk 的护城河。另一方面，<strong>Citi</strong> 的分析师通过渠道检查得出结论，认为 Trade Desk 是 “明显的市场份额领导者” 和表现最佳的 DSP。尽管竞争日益激烈，<strong>Evercore ISI</strong> 的分析师认为，谷歌可能实际上有更多的损失，因为它的业务与亚马逊的重叠更多。</p>
</div><p>So, did Amazon just say &#34;checkmate&#34; to The Trade Desk? I would respond with a resounding &#34;no.&#34; During the period in which Amazon was reportedly siphoning away &#34;millions&#34; from The Trade Desk, Amazon grew its advertising sales 18% year over year, while The Trade Desk's revenue grew 25%. This helps to illustrate that this isn't a zero-sum game, and there will no doubt be more than one winner.</p>
<div class="lb-trans"><p>那么，亚马逊是否刚刚对 Trade Desk 说了 “将军”？我会坚决回答 “不是”。在亚马逊据称从 Trade Desk 转移 “数百万” 资金的期间，亚马逊的广告销售同比增长了 18%，而 Trade Desk 的收入增长了 25%。这有助于说明这不是一个零和游戏，毫无疑问会有多个赢家。</p>
</div><p>Furthermore, The Trade Desk recently released its cutting-edge Kokai platform, which integrates artificial intelligence (AI) throughout the ad buying process, providing greater transparency and better outcomes for users.</p>
<div class="lb-trans"><p>此外，Trade Desk 最近推出了其尖端的 Kokai 平台，该平台在广告购买过程中整合了人工智能（AI），为用户提供更大的透明度和更好的结果。</p>
</div><p>Given The Trade Desk's industry-leading market share, state-of-the-art technology, and enduring relationships with ad agencies, I would argue that The Trade Desk remains ahead of the game. And, at 34 times next year's earnings, the stock is trading at a significant discount to its three-year average, representing a compelling opportunity at today's price.</p>
<div class="lb-trans"><p>鉴于 Trade Desk 在行业中的领先市场份额、先进技术以及与广告代理商的持久关系，我认为 Trade Desk 仍然处于领先地位。而且，以明年的收益为 34 倍的市盈率，股票的交易价格显著低于其三年平均水平，代表了今天价格的一个引人注目的机会。</p>
</div>

Did Amazon Just Say "Checkmate" to The Trade Desk?

- 亚马逊在广告领域快速增长，吸引了大量广告支出。  
- 与 Roku 的战略合作使其在美国的 CTV 广告市场占据优势。  
- 尽管竞争加剧，The Trade Desk 仍保持市场领先地位。

亚马逊是否刚刚对 Trade Desk 说了 ‘将死’？