AppLovin Vs. Unity: Room For Two, But I Prefer Unity

I upgraded AppLovin to Buy, joining Unity, as Q3 growth reaccelerated to 55.5% YoY on model rollouts, and the market shows room for both to grow meaningfully from here. APP posted 55.5% YoY revenue growth and guided Q4 above consensus, alleviating saturation concerns and benefiting from model-driven spend increases. U delivered 90% YoY Strategic Grow revenue growth and outperformed consensus, with management guiding for continued acceleration, though future beats may be less dramatic.