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Whey has become inverse, i.e it was a by product of the cheese making process almost being regarded as waste at one point, cheese is now the by product of whey hence prices are falling for other dairy commodities.

That's because its just a handful of retail holders that moan, everyone else is more realistic and supportive.

Mike Ashley knows retail inside and out and the challenges involved, i am sure he would be the first up if things were not being done to the best.

Quite a drop in short interest just published, unusual to see but coincides with the recent move upwards...

London quote behind yet again, HK closed at 25.44 = 2.43p

Maybe a bit of an arb trade there..

S4, it has nothing to do with agentic Ai at all, no confusion on my part - this is about the billing model used which has been the subject of much debate and direction change by S4, these are not my words but SMS.

The jorno even confirms this change of direction as a 'reset' not a reversal.

'Dialing back the hype now reads less like a reversal than a reset — a way to recalibrate expectations as much as to critique the market. '

Lets see how the TU reads, perhaps this is a lead up to a more formal pivot..?

That's not how i read it all S4, the message has changed from a newly emerging model of 'outcome' based billing, back to the old style agency model, its black and white in the headline and first few paragraphs.

'A steady economy is emerging as the quiet counterweight to AI’s much-hyped reinvention of the agency holdco model.

That, at least, is how Sir Martin Sorrell — the architect of that model and its most persistent critic — sees it.

In his telling, AI has yet to graduate from pilot programs into anything that materially reshapes how marketing departments are staffed, structured or paid. Until that changes, agency chiefs can stop bracing for a shift to outcome-based compensation. CMOs, he said, are still buying time and headcount. '

That's two interviews with a similar message, Wesley ter Haar goes on to explain why the old model still works at least for now.

The bit were he is referring to 'A steady economy is emerging' is this the much awaited reversal back to old style agency model ? maybe reading a bit too much into that, but its what came to mind..

Trading update towards the end of month should be interesting, how is SMS going to explain the sudden change in direction ?

I can't believe there are no comments on here given the magnitude of this, all we have heard for the last two years is the mantra of 'end of an agency' type prophecy, now suddenly its all changed and Ai is another experiment not yet mainstream..

My own view is that the folks at S4 and perhaps other agencies knew this to be the case for sometime, but were biding their time waiting for the right moment..

Matt often mentions Ingenuity being better off out of the spot light being able to make tough decisions easier, it could be the THG Group shareholder base gets fed up too and sees a better way forward by going private.

Shareholder base is fairly concentrated with just four holders making up around 50%, that's without West Coast Capital, Sir Terry Leahy and so on.

If Ingenuity made an offer to buy out THG Group and roll into the newly enlarged group I would jump at it, maybe in 2/3 years time list in the US.

Cheers Jatw, you have outlined it well, thank you.

We await further news, hoping H2 25 bounced back as the market is pricing in no change it seems.

Investors can estimate with a fair degree of accuracy how the business is performing by looking at key inputs, be it whey, Yen or otherwise.

Yesterday posted about the Euro tailwind which was something not factored in, what did surprise me was the rise as it was obvious margins were still being squeezed.

I can't recall anyone commenting on FX movements on here, it should be front and centre given Asia is MP second largest market.

So the last interview wasn't a slip, SMS has indeed pirouetted full circle - the old model remains intact.

''In his telling, AI has yet to graduate from pilot programs into anything that materially reshapes how marketing departments are staffed, structured or paid.

Until that changes, agency chiefs can stop bracing for a shift to outcome-based compensation. CMOs, he said, are still buying time and headcount.''

This is basically word for word what has been discussed on here, hopefully we start to see this translate into contracts with improved margins.

Had not factored in the Euro, very pleased to see this line, will update my model accordingly.

'The impact of FX on sales reduced sequentially through the year, with Japanese Yen and US Dollar headwinds largely offset by Euro tailwinds by Q4.'

Management seem to be on the front foot for a change, this way the upcoming (was it JP Morgan, can't remember?) Interview can have a bit more focus on 26 outlook.

Can to OP poster list a link to above, ta..

Walmart teams up with Google’s Gemini to make it easier for shoppers to find and buy products

https://www.cnbc.com/2026/01/11/walmart-partners-with-google-gemini-on-shopping-tool.html

From October, Ingenuity ..

Shared go-to-market strategy: THG Ingenuity and Google Cloud will collaborate on a go-to-market strategy to accelerate digital transformation across industries.

Google and THG will together target existing customers and attract new ones by listing THG Ingenuity’s next-generation commerce and fulfilment solutions for purchase on the Google Cloud Marketplace. Together, the two companies will reach customers across Europe and the United States, creating new opportunities for growth and innovation.

https://www.thgingenuity.com/resources/press-releases/google-cloud-new-commerce-era

I bet a lot more people would notice if you switched the electricity off..

Google CEO Sundar Pichai says artificial intelligence is going to have a bigger impact on the world than some of the most ubiquitous innovations in history.

“AI is one of the most important things humanity is working on. It is more profound than, I dunno, electricity or fire,” says Pichai, speaking at a town hall event in San Francisco in January.

Good reviews across Walmart, home page has a good ad for clear whey isolate.

https://www.walmart.com/browse/health/protein-fitness/myprotein/976760_1166769/YnJhbmQ6TXlwcm90ZWlu

Cheese is also at the top of the food pyramid, and you know what that means..more whey production..

Its one thing to have a trend or fad into something underpinned by advertising, this is whole new ball game with the government changing recommended dietary requirements for their entire populous, this will go into schools, hospitals and other establishments for years to come..

Interview for reference:

THG: A Mars a day: Fireside chat with Matt Moulding on Myprotein

https://www.peelhunt.com/news-insights/articles/thg-a-mars-a-day-fireside-chat-with-matt-moulding-on-myprotein/

Remember Matt's recent interview mentioning Starbucks buying up whey protein? JFK has now now introduced a food pyramid with protein right at the top.

'In September, Starbucks announced it was adding protein to its cold foam'

https://edition.cnn.com/2026/01/09/business/food-pyramid-grocery-store

Its a bit of a double edged sword for MyProtein, on the one hand it increases the companies value as demand for protein products soar, on the other prices of whey concentrate remain elevated..

At some point once critical momentum is achieved margins can be improved by simply increasing prices, I think the consumer would understand that especially if MP can show they have held their prices stable for several years..

Ai has now been around for some three years, interested to hear folks thoughts on the following question, doesn't have to be in-depth just first thought:

Questions relate to public Ai platforms (xAi, ChatGPT) and chat bots as opposed to specific tools.

If Ai were switched off tomorrow how would this affect your life, business or otherwise.

a) Absolute disaster, would likely close down

b) Its a pain but just go back to how it was, no bother

c) No impact, hardly use it anyway

D) Great, its become a total nuisance on Windows 11

My own answer would be b), but accept that might not be the norm running a farm.

Virtually no gains in 2025 most of which was spent consolidating price wise, lower interest rates might just change that..

MSCI UK Consumer Discretionary Index (GBP)

https://www.msci.com/documents/10199/e03ad7c3-cd68-4a97-8712-3846390de7a0