PACK NO. 03
Made for the internet
The businesses behind the scroll.
AlphabetAlphabetGOOGL · 34%
Meta PlatformsMeta PlatformsMETA · 33%
Amazon.comAmazon.comAMZN · 33%
Interest steady this week103k Wikipedia reads about these companies
Tokenized stocks that track the real share price, bought into your own wallet. They can lose value.
The idea
A dollar leaving TV has three places to land
One sells attention, one sells intent at the moment of a search, one sells the shelf position beside the purchase. A budget leaving television can go to any of them, and guessing which is the part nobody is good at.
Why these three
- Alphabet
AlphabetThe intent · 34%
Search reaches someone at the moment they are looking for something, which is the most valuable moment an advertiser can buy. YouTube takes the budget that leaves television.
- Meta Platforms
Meta PlatformsThe attention · 33%
Meta sells time spent on Facebook, Instagram and its messaging apps. Its ad system is self-serve, so a budget can move onto it in a day without a salesperson.
- Amazon.com
Amazon.comThe shelf · 33%
Amazon sells placement next to the purchase, and measures the sale on the same platform that showed the ad. That closeness to the transaction is what advertisers are moving budget toward.
The other side
The share can grow while these three lose their piece of it. Retail media beyond Amazon, streaming ad tiers and short video are all taking budget, and some of the fastest-growing ad surfaces belong to none of these companies. The bigger risk is narrower: assistants that answer a question without showing a page of results remove the unit that made search advertising valuable in the first place. The habit that built this business is the one most exposed.
What would change the call
Two consecutive quarters where total digital ad spend grows and the combined advertising revenue of these three grows more slowly than it. That would mean the shift is real and the budget is landing elsewhere.
Record: these holdings at these weights, held from Sep 30, 2025 to Sep 29, 2026, from daily closing prices, before fees. “Live” is the thesis’s public record since its call opened on Sep 25, 2026. “Interest” is human page views of each company’s English Wikipedia article, the last 7 days against the 7 before. Past performance isn’t a promise.
Sources and version history