Madison and Wall Podcast Ep. 76: The Trade Desk and Publicis, How Agencies Adapt to AI, Principal Trading News and More
Mar 20, 2026
Discussion of inflation signals, oil prices, and what they mean for market expectations. A raised advertising forecast with lingering stagflation worries. How AI is changing agency workflows while people remain central. Debate over agency payment models and growing principal trading activity. The Publicis and Trade Desk dispute and agencies building DSP-like capabilities.
AI Snips
Chapters
Transcript
Episode notes
Treat Early Quarter Budget Strength With Caution
- Expect near-term advertiser budgets to stay warm despite geopolitical shocks because marketers' behavior lags market panic.
- Use early-quarter strength cautiously since Brian warns second-half headwinds and stagflation risk remain.
AI Is Augmenting Agencies Not Replacing Them
- Agencies are integrating AI as tools that augment humans rather than replacing them.
- Interviews with senior leaders across nine major groups show humans plus AI improve output but decisions still require human oversight.
FTE Models Persist Pushing Principal Trading
- Agencies are frustrated with FTE-based payment models but large-scale change is unlikely.
- Firms expect marketers to demand more output from same FTEs, making principal-based trading a likely funding route for increased AI-driven output.