The Trade Desk, Inc. TTD

The Trade Desk is a capital-light, cash-gushing software platform riding two powerful waves: the shift of television and retail advertising to data-driven auctions. Its independence pitch, sticky tooling and fast-iterating AI engine give it enough edge to keep gaining share, yet that edge is not impregnable and the stock already prices in years of near-perfect execution. Long-term compounder characteristics are present, but investors are paying a premium upfront for the privilege.