Teads (likely OTMI6002379 debt) presents a potential opportunity as its debt is trading at 66.75% of par, a 30% discount. Despite a Q2 earnings guide-down, Teads has $150M in cash and reiterated positive free cash flow for the year, suggesting it could buy back its discounted debt. The market's concern about AI displacing advertising might be overblown given the company's financial position.