AppLovin: Growth Story Has A Patience Problem (Downgrade)

I see two main catalysts for AppLovin's growth story: Axon's June 2026 public self-service launch and the consumer/e-commerce segment scaling into a larger revenue driver. I am more encouraged about the first catalyst rather than the latter, mainly from a timing perspective. The second catalyst is consumer/e-commerce, which is growing faster than gaming but still represented only about 5% of Q1 sales by BofA's estimate.