William Blair analyst Ralph Schackart reiterated an Outperform rating on AppLovin Corp (NASDAQ: APP)

The analyst commented, "On March 10, 2026, we hosted an investor meeting with AppLovin’s CEO, Adam Foroughi, CFO, Matt Stumpf, and head of IR, David Hsiao. Overall, investor questions were centered on AI opportunities (and concerns), non-gaming advertising growth (e-commerce), and growth outlook. Management seemed confident that current business trends remain strong, in our view. Moreover, on recent competitive concerns, especially on Meta (META $654.86; Outperform), management does not believe that recent fears are indicative of reality. On cash uses, Stumpf believes share buybacks remain an attractive opportunity... Foroughi believes AI remains a long-term tailwind. In the meeting, he talked about AI as an opportunity to grow the business versus a perceived threat. He highlighted proprietary first‑party data (ads served, engagement data, feedback loops) as a core advantage that feeds directly into the Axon ML stack. The latest AI research is incorporated into Axon 2.0, which helps drive higher take rates alongside expanding demand."

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Shares of AppLovin Corp closed at $477.39 yesterday.