Muddy Waters didn't uncover anything. They simply put together a thesis with a bunch of threatening technical jargon and fear of artificial intelligence, hoping it would be enough to make competent technology look suspicious to a market too tired to question anything.
This analysis details everything: what AXON actually does, how retargeting works, why the pixel is not some kind of surveillance hack, and how ignoring video games made everything seem cleaner than it is.
The only thing exposed here is how easy it is to turn functional software into a scandal.
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