Alec Brondolo

Adam countered category-softness concerns: MAX marketplace grew double digits QoQ, the ad-supported market is growing quickly, and off-platform IAP understates true category revenue. Direct.

Adam said no mediation changes needed; integration is trivial. On social media, explained vibe-coding products as talent attraction and low-cost experimentation, not a core revenue initiative.

Adam described measurement company partnerships driving awareness; Google search ads effective but no SEO history yet. Combining brand advertising with direct response to build platform recognition.

Adam said deterministic bidding would violate Apple's terms. Meta has been IDFA-only since privacy changes; AXON 2 model did not exist five years ago when Meta dominated, making a return to prior share unrealistic.

Adam said no App Store fee impact yet; if 30% drops to 15%, roughly 20% LTV lift for games with some flowing to marketing platforms over quarters.

Adam pivoted away from M&A speculation, focusing on organic supply expansion opportunities across open web, other app publishers, and CTV.

Adam described three tiers: Q&A onboarding widget available early, complex campaign analysis agent coming later, and generative AI ad creative tools in development.

Adam didn't quantify but said referral-based onboarding will be multiples bigger than manual process, combined with Q4 holiday season and international opening.

Adam modeled a fee reduction to 15% creating 20% revenue uplift for developers, which flows into competitive auction bidding benefiting APP.

Adam dismissed supply as a constraint, noting 80-90% growth on flat supply. Demand density improvement through more advertiser categories is the primary growth driver.

Management framed Unity AI as early-stage but effective and efficient; answered directly.

Management declined a precise Vector figure but framed runtime data as an unmodeled catalyst.

Management dismissed a Meta-competition scare and cautioned against overreacting to LinkedIn posts; direct.

Management said Vector tech is being applied across the ad portfolio but gave few specifics.

Management quantified cannibalization at under 10%, framing growth as largely incremental; direct.

Strauss conceded demand could be pulled forward, saying that is partly why guidance is unchanged - no units are sold yet and preorders can be cancelled.

Strauss argued children naturally age out of kids-oriented entertainment by 10-11, and that the premium gaming market is a fundamentally different business targeting 17+ consumers. Expressed confidence in the appeal of M-rated titles.

Strauss outlined M&A criteria: talent, technology, and IP, with financial accretiveness as a secondary requirement. Cautioned that most corporate M&A fails due to empire-building mentality, emphasizing TTWO's selective and culture-fit approach.

Strauss acknowledged consumer tailwinds reminiscent of early pandemic momentum, though not quite as strong. Emphasized that growth pockets are defined by quality and TTWO must remain an outlier to deliver exceptional results.

Aman clearly explained Airo as free basic functionality across jobs-to-be-done, with Airo Plus offering premium versions triggered by engagement levels.

Mark confirmed opportunistic approach consistent with ongoing strategy, committing to at minimum covering dilution. Direct.

Aman confirmed openness to third-party products in Aero Plus, currently testing with partners. Also identified site optimizer and digital marketing suite as tent pole features.

Von Ahn said learnings transfer within Asia but some is China-specific, driven by Duolingo's strong local brand and English-learning demand; direct.

Green defended OpenPath as intentionally competitive, designed to expose supply chain inefficiency. Charges 4.5% meant to be near breakeven. Criticism comes from players who don't want efficient supply chains. Not surprised it ruffles feathers. Any assertion about complex fee structure is 'just not true.'