The January 2026 ADOTAT Deep Dive digs into what actually shifted in 2025 and what it exposed. We walk through the stock collapse, the first real revenue miss, leadership changes, the mandatory Kokai migration, and why agency relationships quietly strained at the exact moment Amazon became a credible alternative instead of a punchline.

We also spend real time inside Jeff Green’s thinking. Not quotes pulled for drama, but his actual thesis on Google’s legacy ad stack, why he believes SSPs learned to game auctions, what OpenAds is trying to fix, and why he sees efficiency, not control, as the only path forward for the open internet.

Along the way, we examine how Amazon DSP’s fee structure and closed-loop data changed procurement conversations, how SSPs are moving intelligence upstream into exchanges, what UID2 still solves and where it may hit regulatory walls, why Ventura stalled after Sonos, and why retail media is both a threat and an opportunity that most people are mis-sizing.

No victory laps. No doom porn.
Just a detailed look at the pressure points, incentives, and structural shifts shaping The Trade Desk right now.

The full report is available to ADOTAT+ subscribers.