Madison and Wall Podcast Ep. 70: Saving Journalism (Or Not), New Businesses Formation = Ad Spend, Google, Amazon and Publicis Earnings, Marketer Commentary and More
Feb 6, 2026
A fast take on whether advertising can rescue modern journalism and why subscriptions may matter more. A look at earnings from major tech and ad firms and how AI is reshaping search, creators, and production quality. Discussion of a surge in new business formation and how digital-first startups plan ad spending and hires.
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AI Hype Drives Volatile Markets
- Investor sentiment swings wildly on AI, causing big moves in agency and software stocks despite solid cash flows.
- The rush to spend on AI CapEx creates a prisoner's dilemma where firms invest to avoid lagging competitively, pressuring valuations.
Startup Formation Fuels Ad Demand
- New business applications surged to near-record levels, driving incremental ad demand as startups typically spend more on advertising.
- These new businesses are likelier to be AI-first and reshape media mixes toward digital and social channels.
Building An AI Agent Before Hiring
- Brian describes building an AI agent before hiring to handle specific functions and improve job specs.
- This illustrates how newer businesses can redesign roles and workflows around AI from the start.