Here's the $CRWV story

E16 - Let's decode $WDC Q1 earnings Every AI model needs somewhere to keep its data. Western Digital sells the space. Business is booming. The share price didn't get the memo. 𝗗𝗶𝗱 𝘁𝗵𝗲𝘆 𝗯𝗲𝗮𝘁 𝗪𝗮𝗹𝗹 𝗦𝘁𝗿𝗲𝗲𝘁? • Yes, on both sales and earnings, for the sixth quarter in a row • Next quarter's outlook landed well above what analysts expected 𝗪𝗵𝗮𝘁 𝘄𝗲𝗻𝘁 𝘄𝗲𝗹𝗹 • Sales grew more than 50% from a year ago • It keeps a much bigger share of each sale than it did a year ago • Strong cash flow paid for big buybacks and a higher dividend 𝗪𝗵𝗮𝘁 𝗱𝗶𝗱𝗻'𝘁 • Cash on hand dipped after the heavy buybacks • The company leans on a handful of huge cloud customers 𝗧𝗵𝗲 𝗯𝗶𝗴 𝘁𝘄𝗶𝘀𝘁 • The business keeps getting stronger, but the stock is down more than half from its high • It had already dropped about 22% in the month before the report 𝗪𝗵𝗮𝘁 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗲𝘅𝗽𝗲𝗰𝘁𝘀 • Another jump in sales next quarter, up 66% to 72% from a year ago • Margins rising again 𝗛𝗼𝘄 𝘁𝗵𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝘁𝗼𝗼𝗸 𝗶𝘁 • Fell about 6% during the day, then bounced briefly and fell roughly 7% more after hours 𝗪𝗵𝗮𝘁 𝘁𝗼 𝘄𝗮𝘁𝗰𝗵 𝗻𝗲𝘅𝘁 𝗾𝘂𝗮𝗿𝘁𝗲𝗿 – Whether hard drive prices stay strong – Cloud companies' spending plans for 2027 – Whether margins really reach the 60% range – The next-generation 44TB HAMR drive rollout 𝗙𝗼𝗿 𝘁𝗵𝗲 𝗴𝗲𝗲𝗸𝘀: 🔹 Revenue: $4.38B (Est. ~$4.14B) 🟢 +55% YoY, +17% QoQ 🔹 Adj. EPS: $4.64 (Est. ~$4.08) 🟢 +161% YoY 🔹 GAAP EPS: $4.63, +51% YoY 🔹 Gross margin: 58.1% adj. (vs 43.9%) | 57.8% GAAP 🔹 Operating income: $2.15B adj. (49.1% margin) | $2.05B GAAP, +158% 🔹 Net income: $1.78B, +51% 🔹 Operating cash flow: $1.60B | Capex: $227M | FCF: $1.38B 🔹 Buybacks: $1.00B | Dividends paid: $56M 🔹 Cash: $1.31B (from $1.58B) 🔸 Q2 FY27 guide: revenue $5.0–5.2B (Est. ~$4.57B) 🟢 🔸 Q2 FY27 guide: adj. EPS $5.60–6.00 (Est. ~$4.82) 🟢 🔸 Q2 FY27 guide: adj. gross margin 60–61% | opex $400–410M | tax ~17% | ~380M shares 🔸 Quarterly dividend raised 17% to $0.175 (record Dec 4, paid Dec 17) 🔸 Peers: Seagate ( $STX), Micron ( $MU), Pure Storage ( $PSTG) 𝘕𝘰𝘵 𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘈𝘥𝘷𝘪𝘤𝘦. 𝘋𝘰 𝘺𝘰𝘶𝘳 𝘰𝘸𝘯 𝘳𝘦𝘴𝘦𝘢𝘳𝘤𝘩.

Market wrap (Oct 22): Tech led a sharp sell-off as worries about the payoff from AI spending came back after a heavy night of earnings. The Nasdaq fell 2.6%, the S&P 500 dropped 1.2% and the Dow finished flat. Bitcoin slid about 4% and oil climbed. AI names took the hit: Meta Platforms ( $META) sank 7%, while Nvidia ( $NVDA) and Amazon ( $AMZN) were down more than 4% during the session. Meta Platforms ( $META) closed down 7% even after beating on sales and profit, as it raised its full-year capital spending outlook to $135 billion-$145 billion and free cash flow turned negative. It also announced a 2-for-1 stock split. Tesla ( $TSLA) fell 3% after cutting its 2026 spending plan to about $20 billion from more than $25 billion, while flagging higher spending in 2027 and 2028. Moderna ( $MRNA) plunged about 25% after late-stage results for its melanoma cancer vaccine with Merck ( $MRK) appeared to leak online ahead of a weekend conference. The data looked positive, but investors questioned whether it justified the stock's big run this year. SpaceX ( $SPCX) fell 9%, giving back more than half of Wednesday's post-earnings jump. CoreWeave ( $CRWV) sank about 10% on renewed worries about its borrowing costs and debt-heavy balance sheet. Lam Research ( $LRCX) slid about 9% during the session despite record quarterly revenue of $8.22 billion, as investors took profits in chip equipment stocks. Blackstone ( $BX) jumped 8% after executives struck an upbeat tone on deal exits and fee growth. Assets under management rose 10% to a record $1.37 trillion. Spotify ( $SPOT) rose more than 9% as operating income beat estimates and margins improved. After the bell: Western Digital ( $WDC) rises about 2% after hours after a strong beat. Quarterly revenue jumped 55% to $4.38 billion and adjusted EPS of $4.64 topped estimates. It guided next quarter to about $5.1 billion in revenue, well above the roughly $4.6 billion Wall Street expected. Bloom Energy ( $BE) also reports tonight. Not financial advice. Do your own research.

E15 - Let's decode $BE Q3 earnings AI's biggest bottleneck isn't chips anymore. It's electricity. Bloom just posted its best quarter ever. Traders sold it anyway. 𝗗𝗶𝗱 𝘁𝗵𝗲𝘆 𝗯𝗲𝗮𝘁 𝗪𝗮𝗹𝗹 𝗦𝘁𝗿𝗲𝗲𝘁? • Yes, comfortably, on sales and adjusted earnings • Then they raised their full-year targets above what analysts expected 𝗪𝗵𝗮𝘁 𝘄𝗲𝗻𝘁 𝘄𝗲𝗹𝗹 • Fuel-cell system sales nearly tripled as data centers race to secure power • Margins widened, so growth is turning into real profit • Last year's small loss became a big profit • Installation and service revenue grew too 𝗪𝗵𝗮𝘁 𝗱𝗶𝗱𝗻'𝘁 • Day-to-day operations used cash instead of bringing it in • Inventory built up fast ahead of future deliveries 𝗧𝗵𝗲 𝗯𝗶𝗴 𝘁𝘄𝗶𝘀𝘁 • A record profit, but less cash in the bank from operations • Most of the gap is parts and finished systems sitting in inventory, waiting to ship 𝗪𝗵𝗮𝘁 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗲𝘅𝗽𝗲𝗰𝘁𝘀 • Third raise of the 2026 outlook this year • The CFO credited year-to-date performance and customer demand 𝗛𝗼𝘄 𝘁𝗵𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝘁𝗼𝗼𝗸 𝗶𝘁 • Fell almost 9% during the day, giving back the previous day's jump, then slipped further after hours 𝗪𝗵𝗮𝘁 𝘁𝗼 𝘄𝗮𝘁𝗰𝗵 𝗻𝗲𝘅𝘁 𝗾𝘂𝗮𝗿𝘁𝗲𝗿 – Whether cash flow turns positive as inventory ships – Demand beyond AI data centers – First targets for 2027 – Whether the big swings in AI power stocks continue 𝗙𝗼𝗿 𝘁𝗵𝗲 𝗴𝗲𝗲𝗸𝘀: 🔹 Revenue: $1.24B (Est. ~$1.05B) 🟢 +138% YoY 🔹 Adj. EPS: $0.94 (Est. ~$0.68) 🟢 vs $0.15 LY 🔹 GAAP EPS: $0.78 vs −$0.10 LY 🔹 Product: $1.07B, +179% | Installation: $85M, +29% | Service: $68M, +15% | Electricity: $10M, −6% 🔹 Gross margin: 33.8% GAAP (+453 bps) | 34.5% adj. (+412 bps) 🔹 Operating income: $225M GAAP (vs $8M) | $286M adj. (Est. ~$214M) 🟢 🔹 Net income: $250M vs −$23M LY 🔹 Operating cash flow: −$27M (vs +$20M LY) 🔹 Inventory: $928M (from $643M in Dec) 🔹 Cash: $2.49B 🔸 FY26 revenue guide: $4.4–4.6B (was $3.9–4.2B; Est. ~$4.1B) 🟢 🔸 FY26 adj. EPS guide: $3.10–3.40 (was $2.55–2.85; Est. ~$2.72) 🟢 🔸 FY26 adj. gross margin ~34% | adj. operating income $960M–$1.03B 🔸 Joined the S&P 500 in the September rebalance 🔸 Peers: FuelCell Energy ( $FCEL), Plug Power ( $PLUG), GE Vernova ( $GEV) 𝘕𝘰𝘵 𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘈𝘥𝘷𝘪𝘤𝘦. 𝘋𝘰 𝘺𝘰𝘶𝘳 𝘰𝘸𝘯 𝘳𝘦𝘴𝘦𝘢𝘳𝘤𝘩.

Premarket movers (Oct 22): Futures are lower across the board: Nasdaq 100 -1.6%, S&P 500 -0.9%, Dow -0.5%, as doubts about the payoff from AI spending return after a heavy night of tech earnings. Oil is up about 1.6% and bitcoin is down 2.6%. Tesla ( $TSLA) drops 5% after cutting its 2026 capital spending plan to about $20 billion from more than $25 billion. Adjusted EPS of 48 cents beat estimates, but net income fell 29% and automotive revenue slipped 3%. Meta Platforms ( $META) slips about 1% even after beating on sales and profit, as it raised its full-year capital spending outlook to $135 billion-$145 billion and free cash flow turned negative in the quarter. Lam Research ( $LRCX) falls 7%-9% despite record revenue of $8.22 billion, up 54% from a year ago, as investors take profits after a sharp run in chip equipment stocks. International Business Machines ( $IBM) falls 5% after third-quarter results. Revenue rose 5% to $17.1 billion, but gross margin missed estimates and CEO Arvind Krishna said some customers are questioning whether AI investments are paying off. Lockheed Martin ( $LMT) rises more than 3% after beating estimates and raising its full-year sales, profit and cash flow outlook for the second straight quarter. Its backlog hit a record $292 billion. Allegion ( $ALLE) gains 5% after adjusted EPS of $2.60 beat the $2.50 estimate and the lock maker raised its full-year guidance. Spotify ( $SPOT) rises 5% as operating income beat estimates and its fourth-quarter profit forecast came in above expectations, even though revenue was slightly light. Procter & Gamble ( $PG) gains 2% after sales of $23.28 billion and core EPS of $2.00 beat estimates. The Tide-maker now expects higher commodity and transport costs to take about $1.4 billion out of this year's profit, up from $1 billion, but kept its outlook. Rollins ( $ROL) falls 7% after the pest-control company reported worse-than-expected quarterly sales. Kaiser Aluminum ( $KALU) falls 6% after third-quarter adjusted EPS came in below estimates. QuantumScape ( $QS) jumps 9% after a narrower-than-expected quarterly loss and plans for a new solid-state battery production line. Not financial advice. Do your own research.

X110 - $HIMS: Hims & Hers Health Millions of people now get their prescriptions through an app. The company behind it just expanded into four new countries. Wall Street still can't agree what it's worth. 𝗛𝗶𝗺𝘀 & 𝗛𝗲𝗿𝘀 𝗶𝗻 𝗮 𝗻𝘂𝘁𝘀𝗵𝗲𝗹𝗹: • Online doctor visits plus subscription treatments for hair, skin, sexual health, weight loss and more • Q2 2026 revenue was $753M, up 38% YoY, with 2.9M subscribers • Revenue per subscriber rose to $92 a month, up 21% • Closed the Eucalyptus deal in June, adding Australia, the UK, Germany and Japan • Gross margin fell to 64% from 76% • Now sells branded GLP-1s after scaling back compounded weight-loss drugs • Launched injectable and oral testosterone therapy on Oct 21 • Raised 2026 revenue guidance to $3.1B-$3.3B • 𝗠𝗼𝗮𝘁: 𝘞𝘦𝘢𝘬. A strong brand, but rivals and drugmakers can offer the same treatments • 𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗼𝗿𝘀: Ro, Eli Lilly ( $LLY), Novo Nordisk ( $NVO), WeightWatchers ( $WW) • 𝗦𝘁𝗶𝗹𝗹 𝘄𝗼𝗿𝘁𝗵 𝘄𝗮𝘁𝗰𝗵𝗶𝗻𝗴: – FTC lawsuit over billing, cancellations and health-data sharing (allegations, not rulings) – $1.37B in convertible notes on the balance sheet – Drugmakers selling GLP-1s directly to patients – Consumer spending on out-of-pocket health care Current Financial Quality Score: 10/100 Estimated fair value: $12.72 Which stock should I break down next? Drop the ticker below. 𝘕𝘰𝘵 𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘈𝘥𝘷𝘪𝘤𝘦. 𝘋𝘰 𝘺𝘰𝘶𝘳 𝘰𝘸𝘯 𝘳𝘦𝘴𝘦𝘢𝘳𝘤𝘩.

N6 - Wednesday's biggest stock moves (Oct 21) Two boards. Two special committees. And the man at the center of it says he can't be in the room. Meanwhile, AI hardware got its swagger back and Netflix had a slowdown to explain. Here's everything that moved Wednesday: 𝗪𝗲𝗱𝗻𝗲𝘀𝗱𝗮𝘆'𝘀 𝗯𝗶𝗴𝗴𝗲𝘀𝘁 𝘀𝘁𝗼𝗰𝗸 𝗺𝗼𝘃𝗲𝘀 (𝗢𝗰𝘁 𝟮𝟭): • SpaceX ( $SPCX) +7.8%: Q3 revenue of $14.58B beat estimates on both sales and profit. On the call, Musk said a merger with Tesla ( $TSLA) would be a good idea but isn't a certainty. Both boards have formed special committees of independent directors to study it, and Musk says he can't take part because he's conflicted. • AT&T ( $T) −6.5%: Q3 earnings topped estimates, but it added fewer postpaid phone customers than Wall Street expected. Verizon ( $VZ) −2.2% and T-Mobile ( $TMUS) −2.5% fell with it. • Netflix ( $NFLX) −5.3%: Its slowest sales growth in three years, plus a forecast for a fourth straight quarter of slowing growth. • Capital One ( $COF) +4.1%: Strong Q3 with $3.5B in net income and adjusted EPS of $6.69. Its net interest margin widened to 8.41%. • Super Micro Computer ( $SMCI) +9%: Preliminary quarterly sales of $18.5B–$19.5B, far above its own $14.5B–$15.5B forecast. Gross margin is also coming in higher at 12%–12.5%. Full results Nov 3. • AMD ( $AMD) +3.2%: No company news. Chip stocks bounced on the strong AI demand signals from Super Micro and SpaceX. • Illumina ( $ILMN) +6.4%: Launched its new 𝘉𝘪𝘰𝘐𝘯𝘴𝘪𝘨𝘩𝘵 genetic data platform, a week before its Q3 report. • United Airlines ( $UAL) +6.3%: No company news. Airline stocks rallied. • 𝗦𝘁𝗶𝗹𝗹 𝘄𝗼𝗿𝘁𝗵 𝘄𝗮𝘁𝗰𝗵𝗶𝗻𝗴: – Tesla must hold its annual meeting by Dec 6, which Barclays sees as a likely venue for a merger vote – Super Micro's full results on Nov 3 – Telecom customer growth as SpaceX pushes into mobile – S&P 500 +0.6%, Nasdaq +1.1%, Dow +0.7% 𝘕𝘰𝘵 𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘈𝘥𝘷𝘪𝘤𝘦. 𝘋𝘰 𝘺𝘰𝘶𝘳 𝘰𝘸𝘯 𝘳𝘦𝘴𝘦𝘢𝘳𝘤𝘩.

Whenever you think about $NFLX - think this: User from Japan/Africa/India etc travel to other countries, want to catch up on a movie/series/show from their local language Where do they check? Thinking...

X109 - $MU: Micron Technology Memory chips used to be the most boring corner of tech. Now they're the bottleneck of the AI boom. And one company is printing cash from it. 𝗠𝗶𝗰𝗿𝗼𝗻 𝗶𝗻 𝗮 𝗻𝘂𝘁𝘀𝗵𝗲𝗹𝗹: • Makes 𝘋𝘙𝘈𝘔, 𝘏𝘉𝘔 and 𝘕𝘈𝘕𝘋 chips for AI servers, phones, PCs and cars • Fiscal Q4 (ended Sept 3) revenue hit $54.2B, up 379% YoY • Gross margin reached 87%, up from 46% a year ago • Guided next quarter to about $61.5B in revenue • Holds $73.5B in cash against $5.2B of debt • $35.16B buyback scheduled to start Dec 9 • Settled the Netlist patent fight for $600M, paid $30M a quarter • Opened India's first semiconductor assembly and test plant in Sanand, Gujarat this year • 𝗠𝗼𝗮𝘁: 𝘙𝘦𝘢𝘭, 𝘣𝘶𝘵 𝘤𝘺𝘤𝘭𝘪𝘤𝘢𝘭. One of only three big makers of AI-grade HBM memory, but memory prices swing hard • 𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗼𝗿𝘀: SK Hynix, Samsung, CXMT • 𝗦𝘁𝗶𝗹𝗹 𝘄𝗼𝗿𝘁𝗵 𝘄𝗮𝘁𝗰𝗵𝗶𝗻𝗴: – Memory booms have historically ended in oversupply – Rivals are racing to add HBM capacity – Taiwan union dispute over profit-sharing – Any slowdown in AI data center spending hits demand fast Current Financial Quality Score: 100/100 (Grade A) Which stock should I break down next? Drop the ticker below. 𝘕𝘰𝘵 𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘈𝘥𝘷𝘪𝘤𝘦. 𝘋𝘰 𝘺𝘰𝘶𝘳 𝘰𝘸𝘯 𝘳𝘦𝘴𝘦𝘢𝘳𝘤𝘩.

This company is a cash machine right now. Its latest quarter vs. a year ago: - Revenue: +379% - Net profit: $37.7B (was $3.2B) - Gross margin: 87% (was 46%) - Next quarter guide: $61.5B in revenue And it still trades at about 12x earnings. Guess the ticker. Full breakdown drops next. 👀

E14 - Let's decode $TSLA Q3 earnings Orders are piling up. The factory can't keep pace. And Elon might be eyeing a rocket company. 𝗗𝗶𝗱 𝘁𝗵𝗲𝘆 𝗯𝗲𝗮𝘁 𝗪𝗮𝗹𝗹 𝗦𝘁𝗿𝗲𝗲𝘁? • Sales matched expectations • Adjusted profit and cash flow beat them, the cash flow by a lot • Reported profit still fell sharply from a year ago 𝗪𝗵𝗮𝘁 𝘄𝗲𝗻𝘁 𝘄𝗲𝗹𝗹 • Profit per car improved, even without regulatory credits • Cash flow came in positive when analysts expected a big burn • FSD subscriptions jumped, and most new cars in North America now come with it • Services (charging, insurance, repairs and more) grew fast 𝗪𝗵𝗮𝘁 𝗱𝗶𝗱𝗻'𝘁 • Energy storage sales fell, partly because of tariff-related refunds • Credit sales to other carmakers mostly dried up • Heavy spending on AI and engineering squeezed overall profit 𝗧𝗵𝗲 𝗯𝗶𝗴 𝘁𝘄𝗶𝘀𝘁 • A day earlier, Musk said both Tesla's and SpaceX's boards had set up special committees to look at combining the two • He also said treating a deal as certain would be "overstating it" 𝗪𝗵𝗮𝘁 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗲𝘅𝗽𝗲𝗰𝘁𝘀 • No delivery target, just running factories at maximum capacity • Battery supply is the main limit on making more cars • Spending this year to roughly triple, on robots, AI compute, the Cybercab and a chip fab 𝗛𝗼𝘄 𝘁𝗵𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝘁𝗼𝗼𝗸 𝗶𝘁 • Up about 3% during the day, then roughly 1.4% more shortly after the report 𝗪𝗵𝗮𝘁 𝘁𝗼 𝘄𝗮𝘁𝗰𝗵 𝗻𝗲𝘅𝘁 𝗾𝘂𝗮𝗿𝘁𝗲𝗿 – Whether battery supply lets deliveries grow – How the Cybercab ramps, including the safety regulator's questions due Oct 30 – Whether the energy business bounces back – Any formal news on the SpaceX committees 𝗙𝗼𝗿 𝘁𝗵𝗲 𝗴𝗲𝗲𝗸𝘀: 🔹 Revenue: $28.05B (Est. ~$28.1B) 🟡 flat YoY 🔹 Adj. EPS: $0.48 (Est. ~$0.45) 🟢 −4% YoY 🔹 GAAP EPS: $0.22, −44% YoY 🔹 Adj. EBITDA: $3.90B (Est. ~$3.66B) 🟢 −8% YoY 🔹 Free cash flow: $1.53B (Est. ~−$4.9B) 🟢 🔹 Automotive: $20.56B, −3% | Energy: $2.88B, −16% | Services & other: $4.61B, +33% 🔹 Gross margin: 19.6% (vs 18.0%) | Auto GM excl. credits: 18.1% (vs 15.4%) 🔹 Regulatory credits: $113M, −73% 🔹 Opex: $4.78B, +39% | R&D: $2.76B, +69% 🔹 Operating income: $718M, −56% | Op. margin: 2.6% (vs 5.8%) 🔹 GAAP net income: $787M | Adj. net income: $1.70B 🔹 Operating cash flow: $6.26B | Capex: $4.73B (Est. ~$7.96B) 🔹 Cash & investments: $45.4B 🔹 Deliveries: 486,532, −2% (Est. ~462K) 🟢 | Production: 464,391 🔹 Storage deployed: 13.7 GWh, +10% (Est. ~15.9 GWh) 🔴 🔹 Active FSD subscriptions: 1.74M, +67% | FSD attach >75% of new North America deliveries 🔸 Cybercab robotaxi rides in Austin since Sept 3, ~2M unsupervised robotaxi miles 🔸 Optimus production started on high-volume lines in Fremont 🔸 Megafactory Texas started production (50 GWh planned) | Semi in volume production 🔸 2026 capex guide: >$25B 🔸 Bitcoin gain $288M, SpaceX stake loss $142M (unrealized, in GAAP) 🔸 Peers: BYD ( $BYDDF), Rivian ( $RIVN), Lucid ( $LCID) 𝘕𝘰𝘵 𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘈𝘥𝘷𝘪𝘤𝘦. 𝘋𝘰 𝘺𝘰𝘶𝘳 𝘰𝘸𝘯 𝘳𝘦𝘴𝘦𝘢𝘳𝘤𝘩.

E13 - Let's decode $META Q3 earnings Wall Street braced for a messy quarter. It got a record instead. Plus a surprise gift for every shareholder. And one very expensive check tucked inside. 𝗗𝗶𝗱 𝘁𝗵𝗲𝘆 𝗯𝗲𝗮𝘁 𝗪𝗮𝗹𝗹 𝗦𝘁𝗿𝗲𝗲𝘁? • Yes on sales, which hit a new record • Next quarter's sales forecast also came in above expectations • Reported profit was weighed down by a one-time legal settlement 𝗪𝗵𝗮𝘁 𝘄𝗲𝗻𝘁 𝘄𝗲𝗹𝗹 • Advertisers paid more for each ad, and Meta showed more of them • Its AI tools are making ads work better, and the CEO says that spending is paying off • Its first frontier AI models, Muse and Muse Wonder, launched 𝗪𝗵𝗮𝘁 𝗱𝗶𝗱𝗻'𝘁 • Spending on data centers was bigger than the cash the business brought in • Borrowing climbed to help pay for it • Reality Labs (VR and smart glasses) is still losing billions 𝗧𝗵𝗲 𝗯𝗶𝗴 𝘁𝘄𝗶𝘀𝘁 • Every shareholder will get a free non-voting Class C share for each share they own • It works like a 2-for-1 split, starting in January 2027 • It gives Meta a new stock to use for raising money, paying staff or buying companies, without changing voting control 𝗪𝗵𝗮𝘁 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗲𝘅𝗽𝗲𝗰𝘁𝘀 • Strong sales growth into 2027, with heavy investment continuing • Reality Labs losses should shrink next year 𝗛𝗼𝘄 𝘁𝗵𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝘁𝗼𝗼𝗸 𝗶𝘁 • Shares jumped about 4% in the first minutes after the report 𝗪𝗵𝗮𝘁 𝘁𝗼 𝘄𝗮𝘁𝗰𝗵 𝗻𝗲𝘅𝘁 𝗾𝘂𝗮𝗿𝘁𝗲𝗿 – Whether spending keeps outrunning cash flow – More teen-safety trials scheduled in the coming months – Whether Muse can start making money – The 2027 spending plan 𝗙𝗼𝗿 𝘁𝗵𝗲 𝗴𝗲𝗲𝗸𝘀: 🔹 Revenue: $64.60B (Est. ~$63.3B) 🟢 +26% YoY 🔹 EPS: $3.83 (Est. ~$3.56) 🟢 +265% YoY 🔹 EPS excl. legal charge: $7.40 🔹 Operating income: $12.99B, −37% YoY | excl. charge: $22.88B 🔹 Operating margin: 20% (vs 40%) | excl. charge: ~35% 🔹 Net income: $9.86B, +264% YoY (last year had a big tax charge) 🔹 Ad revenue: $63.06B, +26% 🔹 Ad impressions +10% | Avg. price per ad +14% 🔹 Daily active people: 3.64B, +3% 🔹 Family of Apps: $64.16B revenue, $17.12B operating income 🔹 Reality Labs: $443M revenue (−6%), −$4.13B operating loss 🔹 Capex: $34.91B | Operating cash flow: $32.79B | FCF: −$2.12B 🔹 Cash & securities: $82.45B | Long-term debt: $80.92B (from $58.74B in Dec) 🔹 Headcount: 66,775 (−15%) | Buybacks: none | Dividends: $1.36B 🔸 Legal charge: $9.89B (−$3.57/share), part of a settlement of up to ~$18.59B with 52 attorneys general 🔸 Q4 revenue guide: $73–76B (Est. ~$73.6B) 🟢, ~1% FX headwind 🔸 FY26 total expenses: $175–179B (now includes the $9.9B charge) 🔸 FY26 capex: $135–145B (narrowed from $130–145B) 🔸 Reality Labs loss: $18–19B in 2026, ~$15B in 2027 🔸 Q4 tax rate: 15–17% 🔸 Class C: one non-voting share per A/B share, effective Jan 19, 2027, Nasdaq listing planned 🔸 Peers: Alphabet ( $GOOGL), Amazon ( $AMZN), Snap ( $SNAP), Reddit ( $RDDT) 𝘕𝘰𝘵 𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘈𝘥𝘷𝘪𝘤𝘦. 𝘋𝘰 𝘺𝘰𝘶𝘳 𝘰𝘸𝘯 𝘳𝘦𝘴𝘦𝘢𝘳𝘤𝘩.

X108 - $TSLA: Tesla Elon wants his rocket company and his car company under one roof. The stock jumped on the news. Tonight, the books open. 𝗧𝗲𝘀𝗹𝗮 𝗶𝗻 𝗮 𝗻𝘂𝘁𝘀𝗵𝗲𝗹𝗹: • Sells EVs ( 𝘔𝘰𝘥𝘦𝘭 3, 𝘔𝘰𝘥𝘦𝘭 𝘠), 𝘔𝘦𝘨𝘢𝘱𝘢𝘤𝘬 batteries, charging and 𝘍𝘚𝘋 software • Q2 2026 revenue hit a record $28.2B, up 26% • Q2 deliveries rose 25% to 480,126; Q3 came in at 486,532 • Active FSD subscriptions grew 56% to 1.48M • Q2 free cash flow was -$1.1B as capex more than doubled to $5.8B • Robotaxi is running in 7 metros, and 𝘊𝘺𝘣𝘦𝘳𝘤𝘢𝘣 production has started in Texas • Fremont's Model S/X lines were retired to build 𝘖𝘱𝘵𝘪𝘮𝘶𝘴 robots • Tesla and SpaceX boards formed special committees to study a possible merger • 𝗠𝗼𝗮𝘁: 𝘙𝘦𝘢𝘭, 𝘣𝘶𝘵 𝘯𝘢𝘳𝘳𝘰𝘸𝘪𝘯𝘨 𝘰𝘯 𝘤𝘢𝘳𝘴. Scale, Superchargers and real-world driving data still lead • 𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗼𝗿𝘀: BYD ( $BYDDY), Waymo ( $GOOGL), Rivian ( $RIVN), Lucid ( $LCID), GM ( $GM), Ford ( $F) • 𝗦𝘁𝗶𝗹𝗹 𝘄𝗼𝗿𝘁𝗵 𝘄𝗮𝘁𝗰𝗵𝗶𝗻𝗴: – Regulatory credit revenue fell 67% YoY in Q2 – NHTSA scrutiny of driverless Cybercab – A SpaceX deal could dilute existing shareholders – Chinese EV price cuts and softer consumer demand Current Financial Quality Score: 70/100 (Grade B) Which stock should I break down next? Drop the ticker below. 𝘕𝘰𝘵 𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘈𝘥𝘷𝘪𝘤𝘦. 𝘋𝘰 𝘺𝘰𝘶𝘳 𝘰𝘸𝘯 𝘳𝘦𝘴𝘦𝘢𝘳𝘤𝘩.

🎯 Entry levels (Fib support) 🟢 High quality $MS $176 · Q83 · 21% off high $TTD $11.62 · Q82 · 77% off high $TROW $98.04 · Q85 · 15% off high $TXN $279 · Q89 · 15% off high 🟡 Solid $UNH $417 · Q67 · 9% off high $HON $209 · Q66 · 17% off high $MCD $239 · Q70 · 27% off high 🔴 Speculative $PEG $69.16 · Q51 · 17% off high $ROP $393 · Q51 · 23% off high $COO $56.81 · Q42 · 34% off high Which stock you need a deep dive analysis on, comment below 𝘕𝘰𝘵 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘋𝘰 𝘺𝘰𝘶𝘳 𝘰𝘸𝘯 𝘳𝘦𝘴𝘦𝘢𝘳𝘤𝘩.

X107 - $META: Meta Platforms One company quietly owns your scroll, your group chats and your feed. Last quarter, almost every dollar it earned went somewhere surprising. Results drop tonight after the close. 𝗠𝗲𝘁𝗮 𝗣𝗹𝗮𝘁𝗳𝗼𝗿𝗺𝘀 𝗶𝗻 𝗮 𝗻𝘂𝘁𝘀𝗵𝗲𝗹𝗹: • Runs 𝘍𝘢𝘤𝘦𝘣𝘰𝘰𝘬, 𝘐𝘯𝘴𝘵𝘢𝘨𝘳𝘢𝘮, 𝘞𝘩𝘢𝘵𝘴𝘈𝘱𝘱 and 𝘛𝘩𝘳𝘦𝘢𝘥𝘴, free for users and paid for by ads (~98% of revenue) • Q2 2026 revenue grew 28% to $60.8B • Ad impressions rose 14% and the average price per ad rose 12% • EPS fell 13%, hit by a $2.4B legal charge, $1.2B in severance and rising AI costs • Reality Labs ( 𝘙𝘢𝘺-𝘉𝘢𝘯 𝘔𝘦𝘵𝘢 glasses, 𝘘𝘶𝘦𝘴𝘵 headsets) lost $4.6B in the quarter • 2026 capex guided at $130-145B, mostly for AI data centers • India is WhatsApp's biggest market by users • Q3 results are out today, Oct 21, after the close • 𝗠𝗼𝗮𝘁: 𝘙𝘦𝘢𝘭 𝘢𝘯𝘥 𝘸𝘪𝘥𝘦. Billions of daily users and years of ad-targeting data are very hard to copy • 𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗼𝗿𝘀: Alphabet ( $GOOGL), Amazon ( $AMZN), Snap ( $SNAP), Pinterest ( $PINS), TikTok • 𝗦𝘁𝗶𝗹𝗹 𝘄𝗼𝗿𝘁𝗵 𝘄𝗮𝘁𝗰𝗵𝗶𝗻𝗴: – AI spending is eating most of the cash the business makes – About $17B settlement with 47 states over youth-harm claims (allegations, not rulings), paid over 10 years – Ad budgets could tighten if the economy slows Current Financial Quality Score: 88/100 (Grade A) Which stock should I break down next? Drop the ticker below. 𝘕𝘰𝘵 𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘈𝘥𝘷𝘪𝘤𝘦. 𝘋𝘰 𝘺𝘰𝘶𝘳 𝘰𝘸𝘯 𝘳𝘦𝘴𝘦𝘢𝘳𝘤𝘩.

🎯 Entry levels (Fib support) 🟢 High quality $APH $77.45 · Q84 · 12% off high $ZETA $31.81 · Q82 · 6% off high $MSFT $510 · Q91 · 4% off high 🟡 Solid $HSY $169 · Q74 · 28% off high $MRVL $232 · Q66 · 27% off high $GEN $22.76 · Q72 · 24% off high 🔴 Speculative $WDAY $204 · Q56 · 18% off high $NWSA $30.29 · Q52 · 3% off high $HRL $20.33 · Q45 · 21% off high Which stock you need a deep dive analysis on, comment below 𝘕𝘰𝘵 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘋𝘰 𝘺𝘰𝘶𝘳 𝘰𝘸𝘯 𝘳𝘦𝘴𝘦𝘢𝘳𝘤𝘩.

E12 - Let's decode $SPCX Q3 earnings Rockets used to be the whole story. Now they're the smallest piece of it. A data-center landlord wearing a spacesuit. 𝗗𝗶𝗱 𝘁𝗵𝗲𝘆 𝗯𝗲𝗮𝘁 𝗪𝗮𝗹𝗹 𝗦𝘁𝗿𝗲𝗲𝘁? • Yes, by a wide margin on sales, earnings per share and EBITDA • The one soft spot: Starlink signed up fewer homes than analysts hoped 𝗪𝗵𝗮𝘁 𝘄𝗲𝗻𝘁 𝘄𝗲𝗹𝗹 • Renting computing power to AI labs (including Anthropic and Google) took off, and that unit is now the largest part of the company • Starlink nearly doubled its home subscribers in a year • Sales almost doubled from the previous quarter • The AI unit made an operating profit, after a big loss a year ago 𝗪𝗵𝗮𝘁 𝗱𝗶𝗱𝗻'𝘁 • The launch business barely grew and slipped to a small operating loss • Starlink subscriber growth came in below forecasts 𝗧𝗵𝗲 𝗯𝗶𝗴 𝘁𝘄𝗶𝘀𝘁 • It poured more money into data centers and hardware than it brought in from customers • A huge cash pile from the June IPO is funding that build-out 𝗪𝗵𝗮𝘁 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗲𝘅𝗽𝗲𝗰𝘁𝘀 • No formal forecast • Targets: a $100B+ yearly revenue pace by December and 2+ GW of compute by year-end 𝗛𝗼𝘄 𝘁𝗵𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝘁𝗼𝗼𝗸 𝗶𝘁 • Shares rose roughly 1.5% to 2.6% in early after-hours trading 𝗪𝗵𝗮𝘁 𝘁𝗼 𝘄𝗮𝘁𝗰𝗵 𝗻𝗲𝘅𝘁 𝗾𝘂𝗮𝗿𝘁𝗲𝗿 – Starship Flight 15 – Whether the $100B revenue pace target is hit – How quickly the build-out spending turns into revenue – Any new borrowing or share sales to fund growth 𝗙𝗼𝗿 𝘁𝗵𝗲 𝗴𝗲𝗲𝗸𝘀: 🔹 Revenue: $14.58B (Est. ~$12.7B) 🟢 +161% YoY 🔹 EPS: $0.35 (Est. ~$0.15) 🟢 vs −$0.36 last year 🔹 Adj. EBITDA: $8.81B (Est. ~$6.59B) 🟢 +306% YoY 🔹 Net income: $4.40B vs −$1.05B last year 🔹 Operating income: $2.79B vs −$273M last year 🔹 Starlink home subs: 13.6M (Est. ~14.3M) 🔴 +89% YoY 🔹 Capex: $19.59B (Est. ~$19.6B) 🟡, of which AI: $16.44B 🔹 SI (AI): $7.56B, +830% | op. income $431M 🔹 Connectivity (Starlink): $5.25B, +69% | op. income $2.37B 🔹 Space: $1.77B, +6% | op. loss $7M 🔹 Compute: 1.7 GW (from 0.6 GW a year ago) 🔸 Cash & marketable securities: ~$89.9B 🔸 Cursor deal closed Aug 14 (~$60B implied value): $608M revenue so far, $1.2B stock-pay charge 🔸 Starship Flight 14 = first revenue-generating flight (26 V3 Starlink satellites) 🔸 Grok Bot launched; Starbase Louisiana (~$100B) spaceport planned 🔸 Peers: Tesla ( $TSLA), Rocket Lab ( $RKLB), AST SpaceMobile ( $ASTS) 𝘕𝘰𝘵 𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘈𝘥𝘷𝘪𝘤𝘦. 𝘋𝘰 𝘺𝘰𝘶𝘳 𝘰𝘸𝘯 𝘳𝘦𝘴𝘦𝘢𝘳𝘤𝘩.

E11 - Let's decode $ISRG Q3 earnings The operating room keeps getting busier. One courtroom bill just got paid. Strong quarter, but the stock is heading the other way. 𝗗𝗶𝗱 𝘁𝗵𝗲𝘆 𝗯𝗲𝗮𝘁 𝗪𝗮𝗹𝗹 𝗦𝘁𝗿𝗲𝗲𝘁? • Yes. Adjusted profit and sales both came in well above forecasts • Reported profit fell, but almost all of that was one legal payment 𝗪𝗵𝗮𝘁 𝘄𝗲𝗻𝘁 𝘄𝗲𝗹𝗹 • Hospitals bought a lot more robots, led by the new da Vinci 5 • Surgeries using its systems grew in the mid-teens • Ion, its lung biopsy robot, is growing fastest • Instruments, which every surgery uses up, keep bringing in steady sales 𝗪𝗵𝗮𝘁 𝗱𝗶𝗱𝗻'𝘁 • A big antitrust settlement took a large bite out of reported profit • Tariffs are still trimming margins 𝗧𝗵𝗲 𝗯𝗶𝗴 𝘁𝘄𝗶𝘀𝘁 • Intuitive agreed to pay $450M to settle a long-running antitrust class action • It admits no wrongdoing, and the deal still needs a judge's sign-off 𝗪𝗵𝗮𝘁 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗲𝘅𝗽𝗲𝗰𝘁𝘀 • Full-year procedure growth kept at 14–15%, now expected near the middle of that range • Margin and spending outlook unchanged 𝗛𝗼𝘄 𝘁𝗵𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝘁𝗼𝗼𝗸 𝗶𝘁 • Closed up about 1% before the report, then dropped roughly 7% after hours 𝗪𝗵𝗮𝘁 𝘁𝗼 𝘄𝗮𝘁𝗰𝗵 𝗻𝗲𝘅𝘁 𝗾𝘂𝗮𝗿𝘁𝗲𝗿 – Court approval of the settlement – Whether procedure growth holds in the mid-teens – Hospital spending budgets for 2027 – Tariff costs 𝗙𝗼𝗿 𝘁𝗵𝗲 𝗴𝗲𝗲𝗸𝘀: 🔹 Revenue: $3.05B (Est. ~$2.91B) 🟢 +22% YoY 🔹 Adj. EPS: $3.00 (Est. ~$2.64) 🟢 +25% YoY 🔹 GAAP EPS: $1.49 (vs $1.95 last year) 🔴 🔹 Adj. gross margin: 69.9% | GAAP: 68.4% 🔹 Adj. operating income: $1.27B (41.6% margin) | GAAP: $593M 🔹 Instruments & accessories: $1.80B, +18% 🔹 Systems: $769M, +30% 🔹 Services: $482M, +22% 🔹 Procedures: +15% (da Vinci +14%, Ion +31%) 🔹 da Vinci placements: 546 (vs 427), of which da Vinci 5: 315 (vs 240) 🔹 Ion placements: 56 (vs 50) 🔹 Installed base: 12,094 da Vinci (+12%), 1,152 Ion (+21%) 🔸 $450M pre-tax settlement = $347M after tax, $0.99/share 🔸 $22M tariff refund helped ($0.06/share) 🔸 2026 guide: da Vinci procedures +14–15% 🟡 (held), adj. gross margin 68.7–69.3% (incl. ~0.9 pt tariff hit), adj. opex growth 11–13% 🔸 Buybacks: $2.94B (7.8M shares) 🔸 Cash & investments: $6.80B 🔸 Peers: Medtronic ( $MDT), Stryker ( $SYK), Johnson & Johnson ( $JNJ) 𝘕𝘰𝘵 𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘈𝘥𝘷𝘪𝘤𝘦. 𝘋𝘰 𝘺𝘰𝘶𝘳 𝘰𝘸𝘯 𝘳𝘦𝘴𝘦𝘢𝘳𝘤𝘩.

E10 - Let's decode $NFLX Q3 earnings Netflix kept nearly 35 cents of every dollar as operating profit last quarter. Then it told investors the next few months will look a bit softer. Wall Street cared more about the second part. 𝗗𝗶𝗱 𝘁𝗵𝗲𝘆 𝗯𝗲𝗮𝘁 𝗪𝗮𝗹𝗹 𝗦𝘁𝗿𝗲𝗲𝘁? • Earnings per share beat estimates • Revenue landed right on target • But the forecast for next quarter came in below expectations 𝗪𝗵𝗮𝘁 𝘄𝗲𝗻𝘁 𝘄𝗲𝗹𝗹 • Profit up 44% from a year ago • Every region grew by double digits, led by Latin America • Record quarter for new paying members in India • Bought back $4.8B of stock, its largest quarter ever 𝗪𝗵𝗮𝘁 𝗱𝗶𝗱𝗻'𝘁 • Ad revenue is growing slower than Netflix planned • Viewing hours aren't growing much, and Netflix admitted investors are worried • The full-year cash target was trimmed 𝗧𝗵𝗲 𝗯𝗶𝗴 𝘁𝘄𝗶𝘀𝘁 • Netflix cut its 2026 ad revenue goal from about $3B to about $2.7B • Some ad features are rolling out slower than expected • Recent job cuts will also weigh on Q4 margins 𝗪𝗵𝗮𝘁 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗲𝘅𝗽𝗲𝗰𝘁𝘀 • Full-year revenue of about $51.1B and a 31.5% operating margin • Ad tier launching in 15 more countries in 2027 • A big live lineup: three NFL games, including Thanksgiving Eve with a U2 halftime show, plus Fury vs. Joshua 𝗛𝗼𝘄 𝘁𝗵𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝘁𝗼𝗼𝗸 𝗶𝘁 • Shares dropped about 5% in the first minutes after the report • Investors focused on the softer outlook, not the strong quarter • Early after-hours moves can shift once the interview airs 𝗪𝗵𝗮𝘁 𝘁𝗼 𝘄𝗮𝘁𝗰𝗵 𝗻𝗲𝘅𝘁 𝗾𝘂𝗮𝗿𝘁𝗲𝗿 – Do viewing hours start growing again? – Can the ad business get back on its original pace? – Do live sports bring in new members? 𝗙𝗼𝗿 𝘁𝗵𝗲 𝗴𝗲𝗲𝗸𝘀: Q3 2026: 🔹 Revenue: $12.87B (Est. $12.87B) 🟡; +12% YoY 🔹 EPS: $0.87 (Est. $0.82) 🟢; +49% YoY 🔹 Operating Income: $4.46B (Est. $4.26B) 🟢; +37% YoY 🔹 Operating Margin: 34.6%; +640 bps YoY 🔹 Net Income: $3.66B (Est. $3.45B) 🟢; +44% YoY Q4 Guide: 🔹 Revenue: $13.44B (Est. $13.52B) 🔴 🔹 EPS: $0.67 (Est. $0.73) 🔴 🔹 Operating Income: $3.50B (Est. $3.73B) 🔴 🔹 Operating Margin: 26.0% (incl. ~120 bps from headcount reductions) FY26 Guide: 🔹 Revenue: $51.1B (Est. $51.23B) 🔴 🔹 Operating Margin: 31.5% 🔹 Ad Revenue: ~$2.7B (was ~$3B) 🔹 Free Cash Flow: ~$12.0B (was ~$12.5B; real estate deal closing in Q4) Revenue by Region: 🔹 US & Canada: $5.63B; +11% YoY 🔹 EMEA: $4.11B; +11% YoY 🔹 Latin America: $1.60B; +17% YoY 🔹 Asia-Pacific: $1.54B; +12% YoY Cash & Capital: 🔹 Free Cash Flow: $2.88B (Est. $3.18B) 🔴; vs $2.66B LY 🔹 Operating Cash Flow: $3.16B; vs $2.83B LY 🔹 Share Repurchases: $4.8B (63.9M shares, record quarter) 🔹 Remaining Authorization: $22.3B 🔹 Gross Debt: $15.3B; Cash: $8.2B Key Updates: 🔸 Ad tier expanding to 15 new countries in 2027, starting in March 🔸 TF1 partnership in France launched this summer 🔸 New Disney licensing deal, including all five Ice Age films 🔸 $1B bond deal in Q3 to fund a $1B maturity in Q4 Streaming rivals to compare: Disney ( $DIS), Amazon ( $AMZN), Warner Bros. Discovery ( $WBD), Comcast ( $CMCSA) 𝘕𝘰𝘵 𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘈𝘥𝘷𝘪𝘤𝘦. 𝘋𝘰 𝘺𝘰𝘶𝘳 𝘰𝘸𝘯 𝘳𝘦𝘴𝘦𝘢𝘳𝘤𝘩.

We will be decoding below earnings today: $NFLX $ISRG $SPCX Earnings reports are complex, we will simplify so that it's easy to understand. Follow the page.

X106 - $V: Visa Visa just hit an all-time high. China opened the door a crack. The DOJ is still knocking on the other one. Here's the full picture before next week's earnings 👇 𝗩𝗶𝘀𝗮 𝗶𝗻 𝗮 𝗻𝘂𝘁𝘀𝗵𝗲𝗹𝗹: • Runs the world's largest card network; banks issue the cards, Visa routes every swipe • Fiscal Q3 net revenue: $11.6B, up 14%; adjusted EPS $3.32, up 11% • $4 trillion+ in payments volume per quarter; cross-border volume up 12% • Bought back $4.9B of stock in one quarter • China's central bank approved Visa to prepare a domestic card-clearing business • 𝘝𝘪𝘴𝘢 𝘋𝘪𝘳𝘦𝘤𝘵 stablecoin payouts moved from pilot to commercial use • 𝗠𝗼𝗮𝘁: Billions of cards and millions of stores feed each other. 𝘙𝘦𝘢𝘭: 𝘰𝘯𝘦 𝘰𝘧 𝘵𝘩𝘦 𝘸𝘪𝘥𝘦𝘴𝘵 𝘮𝘰𝘢𝘵𝘴 𝘢𝘯𝘺𝘸𝘩𝘦𝘳𝘦 • 𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗼𝗿𝘀: Mastercard ( $MA), American Express ( $AXP), Capital One ( $COF), China UnionPay (state-owned) • 𝗦𝘁𝗶𝗹𝗹 𝘄𝗼𝗿𝘁𝗵 𝘄𝗮𝘁𝗰𝗵𝗶𝗻𝗴: – Fiscal Q4 results Oct 27, after the close – DOJ debit lawsuit (allegations, not rulings) – Swipe-fee caps spreading worldwide – Consumer spending if the economy slows Current Financial Quality Score: 94/100 (Grade A) Estimated fair value: $404.42 Which stock should I break down next? Drop the ticker below. 𝘕𝘰𝘵 𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘈𝘥𝘷𝘪𝘤𝘦. 𝘋𝘰 𝘺𝘰𝘶𝘳 𝘰𝘸𝘯 𝘳𝘦𝘴𝘦𝘢𝘳𝘤𝘩.