Differentiated Product
The team provides a view of internet across digital advertising, online travel, ride-sharing and real estate technology. The broad coverage allows Lloyd and his team to identify cross-sector read-throughs, tracing how shifts in ad monetization, AI-driven search behavior and regulatory developments ripple across platforms from social media to OTAs to gig economy marketplaces. The team is credited for its proprietary primary research, including channel checks with industry operators and advertising consultants, deep-dive tracking on AI platform usage and adoption and its implications for incumbent internet businesses, and regulatory analysis collaborating with Mizuho's specialists in Washington DC on topics such as social media litigation, AI regulation and antitrust policy. The team also authored key thematic reports, including frameworks for AI disintermediation risk across online travel and advertising, and the competitive evolution of generative AI consumer platforms.
Key Reports
- Anthropic and Backlog Point to Significant GCP Revenue Upside; Raise Estimates, PT to $420
On the Frontier: OpenAI & Anthropic, and the Consumer and Enterprise Implications
- Waterloo Moment for AI Disruption of eCommerce? Bullish on OTAs; Favor BKNG
- Online Travel: Growing GenAI Fears Weigh on Multiples
- Mizuho 2026 US Internet Outlook
- Internet Sector Coverage Launch
Notable Events
Uber NDR in Baltimore, Uber CEO in Tokyo, Regulatory policy calls on social media regulation in DC; Industry call series on advertising technology, Google search algorithm, OpenAI advertising; Case studies on TikTok Shop, MWPVL Call on Amazon Logistics, etc.
Analyst Bio
Lloyd joined Mizuho in May 2025 as an analyst covering the Internet sector. Lloyd brings more than 20 years of experience covering the Internet sector. He joins Mizuho from UBS Securities, where he served as Managing Director and Equity Research Analyst. In 2022, he ranked third among Hedge Funds and seventh overall in the US Large Cap Internet sector in Institutional Investor’s (now Extel) All-America Research Team. Prior to UBS, he held analyst roles at Deutsche Bank—where his team ranked ninth in Internet Equity Research in the 2020 All-America Research Team.