Research Notes: The Short Case For Pinduoduo And Temu

Pinduoduo's overseas unit has flooded the market with cheap products and advertising.

In the past twelve months, artificial intelligence and GLP-1 agonists have moved the market in ways that few trends historically have. But in a more normal year, we’d likely be talking about PDD Holdings PDD 0.00%↑ unit Temu as one of the market’s biggest influences.

Temu and its ‘fast fashion’ counterpart/rival Shein are quickly reshaping the U.S. retail industry…