Oct 2, 2026 · 12 min · 9 segments
Madison and Wall's Brian Wieser and Luke Stillman dig into how the advertising business really works.
Brian WieserHostLuke StillmanHost
Um, all right, so, uh, the economy continues to hum along apparently, despite our predictions earlier.
Yeah, I mean, certainly GDP being revised higher for Q1 and Q2, uh, gives more confidence that all is well, at least through the middle of the summer.
Well, yeah, and inflation is the thing that stood out to me, which is running hot.
PCE was lower than expected here, so it's, uh, you know, there's so many conflicting data points, but not a clear inflection point.
No, it's true, but I, I think that the point on, uh, inflation, again, when we look even at the rest of Europe, uh, I think 2.5% for September.
Uh, the point is that even you get some deflationary markets like France where things are a little soft.
And, um, and again, I think that's where some of the risk is, that because a lot of this, uh, spending from government, that is deficit-fueled growth, uh, paired with arguably unsustainable levels of AI investment, um, that's why we, we remain very cautious, uh, and, and even conservative in how we think about where this plays out.
Um, all right, so, uh, the economy continues to hum along apparently, despite our predictions earlier.
Yeah, I mean, certainly GDP being revised higher for Q1 and Q2, uh, gives more confidence that all is well, at least through the middle of the summer.
Well, yeah, and inflation is the thing that stood out to me, which is running hot.
PCE was lower than expected here, so it's, uh, you know, there's so many conflicting data points, but not a clear inflection point.
No, it's true, but I, I think that the point on, uh, inflation, again, when we look even at the rest of Europe, uh, I think 2.5% for September.
Uh, the point is that even you get some deflationary markets like France where things are a little soft.
And, um, and again, I think that's where some of the risk is, that because a lot of this, uh, spending from government, that is deficit-fueled growth, uh, paired with arguably unsustainable levels of AI investment, um, that's why we, we remain very cautious, uh, and, and even conservative in how we think about where this plays out.
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