AppLovin Falls 3% as Wells Fargo Calls Pixel Install Spike a False Start; Trade Desk Sits Out the Selloff, Magnite Dips

AppLovin shares fell 3% to $281.31 after a research note renewed scrutiny over the level of genuine merchant adoption behind its e-commerce initiative. The report raises uncertainty around the commercial traction and durability of AppLovin's expansion beyond its core advertising business.