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CEO Ofer Druker detailed the phased rollout of Next.AI, starting with the DSP and data platform, followed by the SSP, with a final integrated agent planned for late 2025 or early 2026. CFO Sagi Niri attributed strong adjusted EBITDA to operational leverage and early efficiencies from internal AI tools, noting that while they are on track to exceed guidance, they may increase investments in H2 to fuel 2026 growth.

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CEO Ofer Druker attributed the success to a simplified brand message post-Amobee integration, the strength of their end-to-end platform, and a data-first approach that resonates with clients. CFO Sagi Niri added that the business environment in early 2025 appears normalized and consistent with their expectations, seeing no significant changes that would affect their full-year guidance.

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CEO Jeff Green reiterated the company's strategy of focusing first on the largest enterprise advertisers. He explained that mastering the complex needs of these 'fat head' clients provides the foundation to eventually serve mid-size and small businesses by simplifying the platform's tools. While serving SMBs is a long-term ambition, Green stated it is not the current focus, as significant growth opportunities remain with their existing large clients, particularly in the expanding CTV market.

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CEO Jeff Green positioned Amazon's DSP as a biased tool primarily built to sell its own Prime Video inventory, not a true competitor for the open internet. He argued that Amazon's inherent conflicts—competing with advertisers across retail, cloud, and other sectors—make it an untrustworthy partner for objective media buying. Green strongly agreed with the premise that Amazon's strategy reinforces the need for other major content owners (like Disney or Paramount) to partner with an objective, independent platform like The Trade Desk.

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CEO Jeff Green explained that while walled gardens often provide overly simplistic and untrustworthy metrics, TTD's challenge is managing complexity. He stated that TTD works closely with clients to understand what their CFOs require and then tailors measurement to prove incremental growth, rather than imposing a single, self-serving metric. He emphasized that TTD's objectivity is a key strategic advantage, and as CMOs and CFOs align more closely, this data-driven, transparent approach becomes increasingly valuable.

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CFO David Day noted that while some of the margin beat was due to timing on personnel costs, the underlying progress on tech stack cost reduction is sustainable. CEO Michael Barrett identified the continued existence of linear TV and industry-wide challenges in measurement and attribution as the main factors slowing a faster shift of ad dollars to streaming.

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CFO David Day confirmed they did not see a similar negative impact in CTV, as any effect was masked by strong underlying growth and market share gains. CEO Michael Barrett explained that new initiatives like agency marketplaces take multiple years to fully ramp, citing the GroupM partnership as an example. He advised not to expect a "hockey stick" from these drivers in any single quarter, but rather a steady contribution to overall growth.

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CEO Mark Zagorski attributed the social growth to a balanced mix of existing client expansion and new logo wins, alongside growth from platforms like TikTok and Reddit. He noted that the new Meta pre-bid solution is also driving measurement adoption. Regarding GenAI on Meta, Zagorski stated that DV's value as an independent verifier increases as AI-driven ad tools often lack transparency, creating a need for DV to 'open up that black box' for advertisers.

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CEO Mark Zagorski explained that during uncertain times, advertisers focus more on performance and brand protection, which drives demand for DV's solutions. He noted that while no macro impact has been observed yet, the company's activation-based revenue and volume-based model provide resilience. He added that a tighter environment can be a tailwind as clients lean into ROI-driving tools like Scibids and lower market CPMs increase ad volumes.

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CEO Mark Zagorski explained that Rockerbox completes DV's evolution into a platform that verifies, optimizes, and measures performance, serving as a key competitive differentiator. CFO Nicola Allais confirmed that 2025 headwinds are client-specific while opportunities in social activation, Moat client upsells, and Rockerbox integration are long-term tailwinds expected to contribute more significantly beyond 2025.

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CEO Mark Zagorski reiterated the 'land and expand' strategy for former Oracle clients, noting they were aggressive on pricing to win the deals and will focus on upselling to higher-value solutions over time. CFO Nicola Allais addressed margins, highlighting the business's inherent scalability with flat G&A costs. She stated that while R&D investment will continue, the company's scale naturally benefits the bottom line, suggesting the strong margin profile is sustainable.

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CEO David Steinberg confirmed that independent agencies are partnering with Zeta to access cutting-edge AI tools they cannot build themselves, with Zeta treating them like large enterprise platform clients. He also stated that Zeta has moved from 'Zeta Who?' to 'Why Zeta?', indicating significantly improved brand recognition. He cited the recent Cannes Lions conference as a major success that boosted the pipeline and solidified Zeta's market presence.

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CFO Chris Greiner explained that the guidance follows historical practice by incorporating conservatism for the macro environment. CEO David Steinberg added that they are not currently seeing any challenges from clients. Regarding LiveIntent, Steinberg highlighted the successful launch of the synergistic '[Zeta Direct]' product, which is already increasing ROI for marketers and revenue for publishers. He also noted that the company can achieve its long-term ARPU growth targets by continuing its current trajectory without needing to accelerate it.

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CEO David Steinberg stated that Zeta did not see any negative impact from political ad crowding. He explained that LiveIntent's data, covering 240 million deterministic individuals and 2,000 premium publishers, adds a highly valuable and validating 'belt and suspenders' layer of signals to the Zeta Data Cloud.

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CEO Randy Altschuler stated the strategy is to increase wallet share by expanding the scope of what can be auto-quoted, covering more technologies, materials, and fulfillment options to make Xometry a one-stop shop. He clarified that the company's durable growth is driven by a long-term secular shift to digital marketplaces, not a short-term pull-forward, although market noise does raise awareness of their resilient model.

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CEO Randolph Altschuler stated that enterprise customers are being proactive in their focus on risk mitigation, which makes Xometry's flexible, asset-light model highly appealing. He attributed the acceleration of Teamspace adoption primarily to growing awareness and its utility in managing larger, more complex assembly orders, rather than directly to the tariff landscape.

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CEO Randy Altschuler described Teamspace as a tool for larger customers to manage complex, multi-part projects, noting its great adoption is reflected in the record growth of accounts spending over $50,000. Executive Shawn Milne added that over 4,000 teams have been created. Regarding generative AI for design, Altschuler stated that while the company is deeply invested in AI from all angles, there was nothing specific to announce at this time.

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Chairman & CEO Joe Walsh explained that while product investment was always protected, the company pulled back on sales channel development and marketing. He expects to reinvest in these areas in 2026 to move to an offensive footing. Walsh attributed the multi-product adoption success to modernizing the go-to-market strategy with data science and targeted sales plays, a process he described as being in the 'first inning' with significant room to grow.

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CEO Joe Walsh described customer experience as a top investment area, utilizing a mix of high-touch and tech-touch outreach to ensure success post-implementation. He confirmed the go-to-market motion adapts to the environment, using a 'French fries vs. broccoli' analogy. Currently, with economic trepidation, customers are more interested in growth products ('French fries') than operational tools ('broccoli'), making them highly receptive to marketing-focused conversations.

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Chairman, President & CEO Arvind Krishna highlighted strong adoption of unique products like WatsonX Code Assistant for Z. For the broader market, he stated that IBM's 'right to win' in orchestration comes from its focus on heterogeneity. He explained that WatsonX Orchestrate is designed to manage not only IBM's agents but also third-party and client-built bespoke agents, differentiating it from platforms focused only on their own ecosystems.

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CEO Arvind Krishna affirmed this trend, explaining that client conversations have shifted from the underlying technology (GPUs, models) to the application layer that delivers tangible business value. He provided an example of a client focused on achieving 30% savings in back-office finance processes. He believes this focus on ROI for enterprise operations and customer experience is where the market is heading, positioning IBM's offerings favorably in the current climate.

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CEO Arvind Krishna explained that customers were concerned about the massive potential cost of deploying large AI models at enterprise scale. In response, IBM developed smaller, specialized Granite models that are highly efficient for specific enterprise tasks. He stated that offering models that are up to 97% more cost-efficient, with favorable licensing and indemnity, is a 'winning hand' for enterprises looking to deploy AI broadly and affordably.

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Anil Singhal, President and CEO, confirmed that the company's guidance range accounts for a potential Q3 budget flush from large customers. He also explained that a pivot in cybersecurity positioning around analytics and new use cases for the OCI solution in the DDoS space is expected to gain traction over the next 6 to 12 months.

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