‘Less pitching, more listening’: What Amazon is really doing at CES

CES has become the ad industry’s first real gut check of the year. For Amazon’s ad team, that means less pitching and more listening.

That posture can read as contrarian given the concentration of big agency leadership and CMOs. Internally, however, Amazon treats the show less as a sales opportunity and more as a read on how closely agency and advertiser priorities track with its own plans for the year ahead.

If the gap is too wide, there’s still time to adjust. That was the case last year, when marketers said they wanted Amazon’s performance data and closed-loop signals but could only use them partially because upfront budgets were locked into publisher-specific deals and flexible dollars were scattered across too many systems to manage intelligently. Amazon’s response was telling. It built tools that let advertisers keep their upfront deals intact while quietly repositioning Amazon as the brains behind how those budgets are paced, optimized and measured. 

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The AI hype cycle is rewriting ad tech’s M&A math

The comparison comes up a lot in boardrooms right now, with many asking if the current AI boom is just ad tech’s version of the late-90s dotcom bubble? Are we in the “Flooz.com” phase — or already drifting toward the shake out?

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If you look at 2025’s deal tape, it’s easy to see why people ask. The year began with genuine froth: a more business-friendly U.S. administration, falling-rate expectations, and early trophy prints such as T-Mobile’s double-swoop on Vistar Media (for approximately $600 million) and Blis ($175 million), plus strategic moves like Publicis buying Lotame and The Trade Desk picking up Sincera. 

But by Q3, dealmakers were talking about something closer to a controlled deflation than a mania. Global mergers and acquisition volumes across talent- and tech-enabled services are down about 8% year on year, with buyers citing macro volatility and a widening valuation gap as the main reasons processes stall, according to sources.  For many, this represents the much-touted 2025 rebound in M&A as arriving with “a whimper, not a bang,” as bankers lean into smaller, more surgical transactions instead of 2021-style land grabs.

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