Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Semis strength continued in June, offsetting declines nearly everywhere else and leaving the WTR AI Index flat. </li><li>The WTR AI Index slipped 0.1% M/M, above the S&amp;P 500 (down 1.1%) and the Nasdaq (down 0.2%) but below the Russell 2000 (up 3.6%).</li><li>Semiconductors (22% of the index) rose 16.8%, accelerating from the 12.8% gain in May and retaking sector leadership from Software, which swung from +28.0% in May to a 3.7% decline. </li></ul>

Semis strength continued in June, offsetting declines nearly everywhere else and leaving the WTR AI Index flat. The WTR AI Index slipped 0.1% M/M, above the S&amp;P 500 (down 1.1%) and the Nasdaq (down 0.2%) but below the Russell 2000 (up 3.6%).Semiconductors (22% of the index) rose 16.8%, accelerating from the 12.8% gain in May and retaking sector leadership from Software, which swung from +28.0% in May to a 3.7% decline. 

AI Flow Index : Sailing a Sea of Companies in AI Download as PDF | LinkedInX

<ul><li>Software led a broad May rally, but the largest names did most of the heavy lifting. </li><li>The WTR AI Index rose 14.9% M/M, outpacing the S&amp;P 500 (+5.1%), Russell 2000 (+4.3%), and Nasdaq (+10.5%), with every sector up double digits.</li><li>After barely participating in April’s advance (+2.6%) even as Semiconductors ran +34%, Software (20% of the index) led all sectors at +28.0%, ahead of Internet &amp; Data Services (+13.8%), Other Tech (+13.0%), Semiconductor (+12.8%), and Other Industries (+12.8%). </li></ul>

Software led a broad May rally, but the largest names did most of the heavy lifting. The WTR AI Index rose 14.9% M/M, outpacing the S&amp;P 500 (+5.1%), Russell 2000 (+4.3%), and Nasdaq (+10.5%), with every sector up double digits.After barely participating in April’s advance (+2.6%) even as Semiconductors ran +34%, Software (20% of the index) led all sectors at +28.0%, ahead of Internet &amp; Data Services (+13.8%), Other Tech (+13.0%), Semiconductor (+12.8%), and Other Industries (+12.8%). 

AI Flow Index : Sailing a Sea of Companies in AI - Jun 1, 2026

Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Equity Bottom-Up

<ul>
<li>Public ad-tech equities are trading at historically low multiples, especially in Canada, despite consistent positive revenue growth and a pivot toward margin expansion.</li>
<li>Regulatory disruption and cookie deprecation are accelerating the shift to first-party data, contextual targeting, and AI-driven personalization.</li>
<li>Emerging channels like Connected TV and Retail Media are expanding monetization potential, creating asymmetric upside for nimble, vertically focused platforms.</li>
</ul>


Public ad-tech equities are trading at historically low multiples, especially in Canada, despite consistent positive revenue growth and a pivot toward margin expansion.
Regulatory disruption and cookie deprecation are accelerating the shift to first-party data, contextual targeting, and AI-driven personalization.
Emerging channels like Connected TV and Retail Media are expanding monetization potential, creating asymmetric upside for nimble, vertically focused platforms.


Ad-Tech Primer: Investing in the Future of Digital Advertising

United States

Digital Turbine, Inc. delivers a mobile services platform that works with mobile operators and third-party publishers to provide portal management, user interface, content development and billing technology that enables the responsible distribution of mobile entertainment.

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Digital Turbine (APPS US)

AI Flow Index : Sailing a Sea of Companies in AI Download as PDF | LinkedInX

The WTR AI Index slipped 0.1% M/M, above the S&P 500 (down 1.1%) and the Nasdaq (down 0.2%) but below the Russell 2000 (up 3.6%).

Water Tower Research

AI Flow Index : Sailing a Sea of Companies in AI - Jun 1, 2026

The WTR AI Index rose 14.9% M/M, outpacing the S&P 500 (+5.1%), Russell 2000 (+4.3%), and Nasdaq (+10.5%), with every sector up double digits.

Water Tower Research

Ad-Tech Primer: Investing in the Future of Digital Advertising

Public ad-tech equities are trading at historically low multiples, especially in Canada, despite consistent positive revenue growth and a pivot...

Atrium Research

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