This last quarter has been especially traumatic for #BigTech stocks. One significant factor has been the shift in digital advertising. Universally across the digital ad-fuelled tech economy, growth has slowed down for the first time ever.

Costs are rising faster than revenues by an order of magnitude. The two big hitters of #Meta and #Google are both feeling the impact of this shift in spending. Which surely means the ad spenders are spending less and the size of the pie has gotten smaller.

Well it looks like that's not the case. Because the advertisers are saying the opposite and there is no slowdown in advertising overall just yet. So what’s going on?

#TikTok is what's going on. Plus the ongoing fallout from #Apple’s privacy tracking changes in #iOS14 have now worked their way through the system.

But the real disruptive force is #TikTok which looks to have overtaken #Meta/#Facebook in market capitalisation. (TikTok was valued at $300 billion at its last round of fund raising whereas Meta is currently sub $270 billion.

The reality of the #admarket is that the pie has remained roughly the same size for a decade. But it's the growing demand of #TikTok that is sucking advertising spend. There appears to be no let up in sight.

And as Meta continues to lead the fall, #TikTok is mopping up on the digital ad spending. https://cnb.cx/3DOxlbp