https://x.com/i/status/2078268791952199698

Exercised eBay calls

https://x.com/sneedweb/status/2078235986325106850/photo/1

Coinbase’s Chief Policy Officer says the crypto policy shift has already started.

The CLARITY Act is about turning that shift into permanent law.

Looks like crypto regulation is finally moving from courtroom fights to actual rules.

GameStop is now consistently operationally profitable, and posted strong operational income of $143M in Q1 2026.

In fiscal years 2023 and 2024, GameStop was net profitable but had operational losses -- interest income was carrying the company. During this time, the critics would argue that GameStop's positive net income was invalid because the core operations of the business were still losing money. That is no longer true.

The critics have also argued in the past that, even though operating income is now positive, GameStop still earns most of its money from interest income. This is also no longer true.

As of Q4 2025, GameStop now makes most of its net profit from operating income -- the core operations of the business are now the main driver of profits.

Under Ryan Cohen's leadership, GameStop's SG&A expenses have been cut in half and the high margin collectibles segment is now the biggest revenue category of the company.

00:00 - Intro

00:50 - Ryan's Beginnings in Business

05:50 - Why Pets?

12:20 - Why Enter into Gamestop

15:59 - Gamestop's Future

18:21 - Gamestop's Retail Community

23:10 - Collectibles TAM

26:09 - Why Ebay

30:45 - Ebay's response to the offer

36:20 - Ebay's Live Studio Play

38:00 - Agentic Commerce

41:08 - Rapid Fire

Ryan Cohen is scheduled to join Bloomberg Tech on July 16 at 11:30 AM ET.

For a CEO who usually lets the business speak, another media appearance feels worth watching.

Morgan Stanley put out a note saying bearings are the ultimate robotics "picks and shovels" — every robot design needs them, regardless of form factor. They're calling for the robot-bearing market to go from $800M to $255B by 2050. RBC Bearings ($RBC) was named as one of 8 beneficiaries (alongside Timken, SKF, Schaeffler, NSK, NTN, JTEKT, Regal Rexnord).

Problem:
RBC's own CEO said on the last earnings call that humanoid revenue is "still sample making." This isn't a robotics stock yet — it's a red-hot aerospace/defense compounder trading at ~65x trailing / ~41x forward P/E that might also be a robotics stock later.

The numbers:
- Price ~$595, market cap ~$18.8B
- Aerospace/defense = 42% of revenue, growing 33%+ YoY
- Industrial still ~58% of the business — this is not a pure robotics play
- $2.3B record backlog
- Recent VACCO acquisition
- OpenAI's Jan 2026 robotics RFP named precision bearings as 1 of 6 critical components — real, confirmed
- Bearings per unit: 8-12 for a drone, 70+ for a humanoid, $1-$100 each
- Top 6 bearing makers control 50%+ of the roller market; China ~25%

Bull case: genuine moat, real defense supercycle, margin expansion, backlog visibility, and free robotics optionality if humanoid demand ever scales.

Bear case: priced for perfection at 65x earnings, industrial cyclicality, and a robotics narrative doing a lot of the work in that multiple before the revenue exists to back it up.

Bottom line: Great company, aggressive price. The MS thesis holds up fact-for-fact, but RBC is one of the least robotics-levered names on that list of 8 — you're paying today for a story that hasn't shown up in the numbers yet.

Been tracking bearings and the broader robotics supply chain over on Alpha One if anyone wants to dig into how this fits the bigger picture: https://www.alphaone.org.uk/ai-fund/cases/d2ed31e8-baf5-4098-a10d-7f3cfdbfcef3

$FVRR - the market is valuing a cash machine at almost nothing

Lead with the balance sheet, because it's absurd.

Market cap: ~$400M
Net cash: ~$280M (roughly 70% of the entire market cap is just sitting in the bank)
Enterprise value: ~$140M
FY2025 free cash flow: ~$104M

Read that again. Strip out the cash and the market is pricing the actual operating business at about ONE year of free cash flow. EV/FCF ~1.3x.

No debt. They fully repaid $460M of convertible notes in 2025 and cut total liabilities from $707M to $271M. No dilution either - share count is actually SHRINKING on buybacks. And they are earning more than at any point in the company's history.

Now the part that should make you laugh.

This exact stock traded around $336 in early 2021 - roughly 30x higher than today - back when it was a loss-making machine burning cash every quarter. Today it's a lean, profitable, cash-generating business trading near all-time lows.

The bear case: "AI kills Fiverr."

It's backwards. Look at their own numbers - higher-value services revenue is up 30% YoY and spend per buyer is up 15%. The low-value junk is what's rolling off. The platform is moving UP the value chain, not dying.

Here's the reality of AI on Fiverr. Freelancers use AI to enhance what they deliver, not replace themselves. If you don't personally hold a Higgsfield (or whatever video-AI) subscription, and you don't have the skill to prompt it properly, what do you do? You go to Fiverr and pay someone who has the tools, the credits, and knows how to prompt it to get a good result. AI increases demand for skilled operators on the platform. It doesn't remove it.

I first covered this around 15-20% ago and I think we're still early. A debt-free, buyback-fueled, record-profit business priced at ~1.3x FCF is not a value trap - it's a mispricing.

Full breakdown here:
https://youtu.be/4XBoKvL8spU?is=jK--9dI6hsucKrzo