[Bernstein: Meta's Q4 Ad Revenue May Surpass Google Search, E-commerce Becomes AI Advertising Winner] Deep Tide TechFlow reports, according to Trend Research, Bernstein's August 31, 2026, research report indicates that Meta is expected to surpass Google Search for the first time in Q4 2026, becoming the world's largest single advertising platform. By mid-2024, market expectations for Google Search ad revenue growth in 2026 were only 8%, but have now been revised up to 16%; Meta's growth forecast has been revised up from 12% to 26%. In the first half of 2026, the digital advertising basket is expected to grow 21% year-over-year, significantly higher than 6% in 2022. AI is simultaneously driving growth in both ad prices and impressions, a rare combination achieved by both Meta and Google Search. However, digital advertising stocks have underperformed overall this year, while e-commerce stocks have significantly outperformed. E-commerce companies have benefited from the same AI advertising dividends but at much lower costs, avoiding the heavy burden of AI capital expenditures and valuation discounts. Bernstein has given overweight ratings to Meta, Pinterest, and Amazon, with target prices of $800, $28, and $320, respectively. On the risk side, whether AI investments can continue to drive growth and the potential slowdown of the advertising market are key concerns.