In-depth reports I have published on S*stack so far... - Deere $DE (free) - FRP Holdings $FRPH - Five Below $FIVE - Diageo $DEO - Hermès $HESAY - Atlas Copco $ATCO.B - Stevanato $STVN (free) - Keysight $KEYS - Zoetis $ZTS - Judges Scientific $JDG.L - Medpace $MEDP - Trupanion $TRUP - AAON $AAON Currently looking into two other interesting companies The library will keep getting longer!

Some expanded thoughts on $ADBE's earnings 👇 From my recent NOTW

My take from the @AnthropicAI news: 1. Probably good for sentiment in software. If models are already getting capped, then today's environment might be somewhat close to end-state and therefore less concerns around terminal value risk (still TBD) 2. Maybe LT positive for semis because compute has to be built pretty much everywhere to avoid restrictions, but somewhat bearish in the sense that maybe we don't need as much compute in the US (I think it'll be the former) 3. Probably not great in terms of investment sentiment into AI. The government has shown that they can (and will) limit AI when/as needed. Don't think Dario's (and the industry's speech) regarding AI displacing labor was what politicians wanted to hear The second derivative which invalidates all of the above is that the AI trade is so important for US indices that the President TACO's and we go back to square one (high likelihood if markets go south next week) Just my 2 cents, thoughts welcome!

Coming out in a couple of hours! Quite a few relevant events this week for markets.

Sabre $SABR CEO on Constellation $CSU.TO involvement

So, Adobe's Total ARR grew 12.5% in CC in Q2. If we exclude $480 million that comes from Semrush, then actual organic growth was 10.5%, a deceleration from 10.9% last Q. Management left the FY guide unchanged at 10.2% despite Semrush, meaning that they expect more decel In all fairness, a good chunk of AI-first revenue likely bypasses ARR, but it's definitely not the acceleration that many are promoting here... $ADBE

EUVs on the moon gonna look sick! $ASML

Baffles me how many executive teams think that it's perfectly fine to issue debt to repurchase "very cheap" stock but don't think it's a good enough price for them to buy in the open market And yes, I get the point that they need to diversify!

Enjoyed the conversation a lot but why do tech investors always feel the need to come up with a metric that theoretically simplifies business quality? The prior rule of 40 (growth margin) was terrible in its own right because it more or less claims that you can freely interchange growth and margin, which is certainly not the case. Would you rather own: 1. A 30% growth business generating 10% margins 2. A 0% growth business generating 40% margins? I know what I’d rather own and it’s not even close, but both screen as rule of 40 companies. The case is even worse when one considers that margins tend to be adjusted in many cases. The new rule of 40 discussed here (proportion of AI revenue AI market share) doesn’t even have a profitability metric because most AI-native business are not yet generating profits (who knows what the future holds, though) Don’t know what to think about it, but either way, enjoyed the conversation

14% 8% 2% 4% Honorable mentions: 23% 6% SPY -4% So far so good, but they are all still cheap.

There were fewer incremental positive news for Stevanato when it was at $27 than today when it sits at $17, which is kind of crazy if you think about it - Orals penciling out to be 30% of the GLP-1 market (with fewer uncertainty than several months ago) - Biologics advancing through the pipeline and starting to show up in the numbers - Cartridges transitioning to RTU - Management making the claim that higher dosages don't necessarily cannibalize lower dosages because they grab their fair share of value - Probably the two most bullish investor conferences ever for the company $STVN

Everyone is talking about the AI mega-trend (and for good reason) but few are talking about the healthcare/biologics/injectables mega-trend that will be with us for a pretty long time ( GLP-1s) FDA already piloting AI to accelerate drug approvals

Kind of a special post in a couple of hours... $SPCX

If Nintendo manages to “save” FY 2026 with price-hike pull forwards Zelda Ocarina of Time remake I think the SW2 ecosystem is going to become massive pretty fast. FY 2027 comes with: - Pokemon - 3D Mario (likely) - Xenoblade Genesis And with a higher-priced SW2 $NTDO.NE