KeremYucel/iStock via Getty Images Thesis AppLovin (NASDAQ:APP) was going through difficulties in their core business two years ago, but now the company is firing on all cylinders. We believe that the company learned a lot from the Apple (AAPL) tracking changes and slowdown in the ad market. They are now growing at a rapid clip, and doing so profitably. We believe the company is currently undervalued. The Backstory AppLovin was one of the companies negatively impacted by Apple's tracking changes, making it ...