How AI Is Upending The Digital Ad Space with Michael Nathanson & Adam Singolda

RiskReversal Pod

RiskReversal Media

Business News, Business, Investing, News

4.7 • 836 Ratings

🗓️ 27 April 2026

⏱️ 76 minutes

🔗️ Recording | iTunes | RSS

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Summary

Dan Nathan interviews Michael Nathanson, co-founder of MoffettNathanson, on the RiskReversal Podcast about his 28-year analyst career and pivot from linear media to digital advertising and Big Tech. Nathanson explains why Google and Meta became a hedge against cord-cutting-driven declines in cable networks, noting their strong growth, performance-ad monetization advantages, and durable distribution. He reflects on mistakes (notably underestimating Netflix) and lessons about backing secular winners while monitoring capital formation and competitive narrative shifts. The discussion focuses on AI’s impact: Nathanson defends Alphabet’s willingness to innovate, infrastructure advantages, first-party data, and TPU strategy, while questioning Meta’s heavy AI and metaverse spending without a clear long-term plan or returns framework. He also describes MoffettNathanson’s industry-first, supply-demand research process and independence from investment banking conflicts. After the break, Dan hosts Adam Singolda, CEO and founder of Taboola, on the Risk Reversal Podcast to discuss Taboola’s role in the open web advertising market outside Google and Meta. Singolda explains Taboola’s performance ad platform serves thousands of advertisers and pays partners about $1.5B annually, helping publishers, apps, and OEMs monetize and drive engagement. They discuss publisher pressure from LLM-driven “Google Zero” traffic declines, and Taboola’s “Deeper Dive” answer engine that sits on publisher pages to enable conversational engagement; Taboola data shows users who ask questions generate 3+ times more revenue and 2–3 times more engagement than traditional ads. Singolda also announces a Claude skill that lets users launch and optimize Taboola campaigns agent-to-agent based on performance goals, argues OpenAI will struggle to build an ad business while Google’s Gemini will likely succeed, and outlines how companies must adopt AI aggressively to accelerate growth and profitability. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Transcript

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1:11.3	All right, welcome to the Risk Reversal podcast. I'm Dan Nathan. This is Michael Nathanson. He's a co-founder of Moffitt. Nathanson, Michael, welcome to the podcast. Nice to having me. All right. So if you don't know about these guys, this is Moffitt and this is Nathanson. How do you feel about that that actually that you got second doing? It's MN. I get it. He started the firm first because I was under contract so I couldn't leave my firm. Okay. So he has... But MN makes sense. It does. Okay. We got some of my initials. Yes. Oh, really? Okay. There you go. I mean, I figured that out. All right. So you and I got a lot to talk about. Yes, we do. Your coverage is, you know, some of the names that I think are the most bandied about in the entire market.
1:34.0	We certainly spent a lot of time on them at CNBC.
1:36.6	And so looking at all these names that are reporting this week, we got a lot to talk about.
1:40.9	Okay.
1:41.1	I want to go into your background and the firm because it's a very unique firm, especially on the street.
1:45.7	You keep a relatively low. We got a lot to talk about. Okay. I want to go into your background and the firm because it's a very unique firm, especially on the street.
1:45.7	You keep a relatively low profile. Maybe that helps you get the access and do the great work that you do.
1:52.2	You don't have banking to deal with and all that sort of stuff. So that's really interesting. And then after this conversation, my good friend Adam Singolda, CEO co-founder of Tabula,
1:57.5	he is in the ad tech market for all intents and purposes and they've made a lot of advancements
2:03.6	with AI.
2:09.6	So it's a great conversation to see a practitioner after a research analyst.
	...

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