September 17, 2026
Bonus Content: APP Is Down 53% This Year. Citi Sees 91% Upside in 90 Days.
Editor’s Note: With the market in turmoil, one of America’s best connected financial insiders (who called the 2000 and 2008 crises) is stepping forward with a warning everyone in our country needs to hear. Click here to get it or read more below.
Dear Reader,
A millionaire Wall Street insider just issued a dramatic new warning – and every American with money in the stock market needs to hear it today.
After running his own $200 million hedge fund firm, this Wall Street legend saw the Twin Towers fall on 9/11… the banks collapse in 2008… and the economy grind to a halt in 2020…
But now, he’s warning:
Whitney Tilson, who famously called the Tech Wreck in 2000, has a long history of eerily accurate predictions – CNBC even gave him a nickname he never asked for: “The Prophet.”
His appearance on 60 Minutes exposing the 2008 financial crisis even won an Emmy.
But he says what’s happening in America today is more dangerous than anything he’s seen before.
He’s warning millions of Americans could soon be blindsided by a permanent change coming to our country, which will be far more wide-reaching than a stock market crash or banking collapse.
Just look at what’s happening inside Gartner. For decades, it’s been at the heart of America’s white-collar economy – full of staff from top-tier Ivy League schools.
It should be one of our country’s most stable firms…
And yet, in the last year, it’s collapsed by more than 60%.
That’s why Tilson says it’s now critical you move your money today – because the next part of this story is going to make America unrecognizable.
In fact, he’s just agreed to reveal exactly where to put your money today – a new investment research vehicle his team spent years developing, ready for this moment.
Get the full details right here, while you still can.
Regards,
Matt Weinschenk
Publisher and Director of Research, Stansberry Research
P.S. Gartner isn’t the only white-collar firm in trouble. The world’s most powerful “knowledge” work firms are getting destroyed. Consulting firms. Insurance analytics. Software stocks.
Morningstar. Duolingo. Verisk. Accenture. They’re all in freefall. Duolingo has already collapsed as much as 75% in a year.
These aren’t just random examples. They’re connected. They’re warning signs. And ignoring them will be catastrophic.
APP Is Down 53% This Year. Citi Sees 91% Upside in 90 Days.
AppLovin’s AXON engine processes more advertising spend than Pinterest, Snapchat, and Reddit combined, according to industry writeups and third-party research. The stock is still down more than 50% in 2026. That contradiction is exactly where the opportunity debate lives right now.
What the numbers actually say
On August 5, AppLovin reported Q2 revenue of $1.92 billion, up 53% year over year, with adjusted EBITDA of about $1.61 billion at an 84% margin and net income of about $1.27 billion. The company also said it had received notice that the SEC had closed its inquiry with no enforcement action. The stock fell anyway.
The selloff traced back to a single issue. CEO Adam Foroughi described the Q2 shortfall as a timing problem rather than a demand problem, saying the Axon platform typically gets a meaningful quarterly lift from model performance improvements, and that this quarter’s lift came in smaller than usual. He also pointed to a material model upgrade that landed just after the quarter closed and was already supporting a stronger Q3 start.
Where the Street stands
The analyst response since August has been uneven, and that unevenness is the signal worth tracking. On September 11, Citi said AppLovin could gain roughly 91% over the next 90 days, highlighting a short-term upside view with a $600 price target. Shares rose about 2.5% that day. Evercore reiterated its Outperform rating on September 1 and lowered its price target to $510 from $630.
Not everyone is in. BofA downgraded AppLovin to Neutral from Buy after Q2, cutting its target to $400, and Piper Sandler also moved to Neutral, citing results and guidance that came in just below the company’s revenue and adjusted EBITDA midpoints. Both firms raised questions about whether AppLovin can sustain 30%-plus long-term growth as it becomes more dominant in mobile gaming ad spend.
The engine beneath the gaming label
The market still prices APP as a mobile gaming company. That framing undersells what AXON actually is. Management and analysts have attributed the growth largely to higher monetization and improved performance, not simply more installs, as advertisers pay more for better outcomes. The full chain, from advertisers to publishers to performance measurement, functions as a tightly integrated loop.
Valuation claims vary widely depending on which year’s estimates you use and where the stock is trading, so the clean takeaway is this: AppLovin’s profitability is unusually high for ad tech, and the market is debating how durable that profile is after the Q2 model-performance discussion.
What traders watch next
Despite a roughly mid-30% drawdown over the prior three months at points in late summer, the Street’s Q3 revenue estimate has clustered around about $2.07 billion, broadly consistent with the company’s Q3 revenue guidance midpoint. That quarter’s report is the moment of reckoning. If the post-quarter model upgrade Foroughi flagged has actually reaccelerated growth, the valuation gap between APP and its cash generation closes fast. If Q3 disappoints again, the bulls defending $500-plus targets will have to reassess.
According to widely tracked sell-side consensus tallies, about 33 analysts rate APP a Buy-equivalent on average, with a 12-month average price target around $508. The question is whether the algorithm earns it.
