Shares of The Trade Desk (NASDAQ:TTD) roared higher on Wednesday, jumping 12.2% as of 1:30 p.m. EDT.
The stock's gain was likely fueled primarily by a bullish day in the overall market, with growth stocks like data-driven advertising specialist The Trade Desk seeing outsize gains. A new video posted on the company's YouTube channel might have been a catalyst for the stock as well.
As of this writing, the S&P 500 was up more than 2.2% on Wednesday, highlighting optimism in the overall market. The market's gain comes as oil futures continued to revive. Growth tech stocks led the way in the market rebound, with many fast-growing tech companies seeing their stocks rise 3% or more.
Meanwhile, The Trade Desk CEO Jeff Green posted an update on YouTube, noting that "The move from linear television to connected TV is accelerating at an unprecedented rate." Green went on to note that connected TV ad inventory has risen 30% over the past few weeks. In addition, Green said that "marketers always bias toward data-driven decisioning." He added that there is "no place where advertising is both more effective and more measurable than in connected TV right now." This makes connected TV a great medium for advertisers looking to ensure they are getting measured results during these uncertain times.
Green argued earlier this month that programmatic advertising may actually see increased uptake during this pandemic as marketers are forced to do more with less. The CEO's update on CTV this week reiterates similar bullishness for programmatic advertising today.