Growth UncertaintyA greater level of uncertainty around the macro and agency backdrop, recovery timeline, and Trade Desk’s ability to recapture 20%+ rates of top line growth.
Macroeconomic ImpactCore advertisers, which include larger brand advertisers, are more impacted by macroeconomic factors and are pulling back on ad spend.
Valuation ConcernsIt will be difficult for Trade Desk to recapture the valuation premium that the market once afforded the company, and the risk/reward for betting on a turnaround at this stage isn't very compelling.