Diversification risk, putting all the chips on Meta, and watching videos of my face. 🍋

Google is an interesting story right now. CPM fell -1.83% and CPC dropped a significant -4.72%, meaning you're paying less to get clicks. ROAS also jumped +6.34%. So why did budget share fall by -6.43%? It's possible marketers are trimming Google in favor of higher-performing channels, or simply rebalancing after a strong prior period. Either way, if efficiency metrics matter to you, Google looks quietly attractive right now.

 Snapchat saw CPM crater -8.31% while CTR grew +1.54%, CvR improved +0.66%, and ROAS rose +3.17%. CAC also fell -3.06%. On paper, that's a decent week. But budget share collapsed -27.17%, by far the largest pullback in the data. This feels like a blip - I expect this share to adjust in coming weeks. It appears like a few whales have coincidentally moved their budget off Snap at the same time. This isn't a trend. 

Long story short: budget concentration in Meta continues to grow, which makes sense. But it also raises questions about diversification risk. As platforms like Pinterest and Snapchat show strong conversion metrics while losing budget share, there may be real arbitrage opportunities hiding in plain sight for performance marketers willing to do the math.

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