Across Sensor Tower's retail cohort, US ad spend typically increases during the 4Q holiday season, with 43% of 2022 US ad spend occurring in the quarter. Wholesale retailers capitalized on holiday shopping by including creatives with keywords related to savings, grocery, and Thanksgiving. Sea Limited's marketing costs weighed on its 3Q23 EPS estimates. Looking ahead, the banning of TikTok Shop in Indonesia stands to greatly benefit Sea's Shopee with ST data already showing momentum in user growth and engagement.