I started with a chart that made no sense. Over five years AppLovin is up more than 750% and Snap is down about 89%. Both make money the same way — selling ads inside mobile apps. So why did one go vertical while the other collapsed? The whole thing turns on Apple's 2021 App Tracking Transparency rules. Snap set its record high near $83 that year, then fell apart. Apple's change made it much harder to track people across apps, which was exactly the data Snap needed to sell the highly targeted ads that paid its bills. It never found a replacement. In 2025 it lost $460 million, dragged down






