Q3 was a record-breaking quarter for the three largest ad platforms, but heavy spending on AI is compressing margins and raising questions about how the technology will impact the future of digital advertising.

Tariffs and inflation are reshaping retail, pushing shoppers toward value and convenience. Off-price chains gained ground, while housing-linked retailers sought new growth paths in a slowing market.

AI-fueled gains kept Google, Meta, and Amazon atop Q2’s ad market, but slowing engagement, murky ROI, and macro risks leave the triopoly’s future growth story more complex than the headlines suggest.