$pdd From mid-2023 to now the stock has bounced up from $96 four times. It has not fallen below. This is either a great opportunity to buy the dip, or if the trend breaks watch out below. Personally I’m buying the dip here.

$gme Ryan Cohen appeared more lucid today, until in his interview we learned how the other $28B will work. He failed at nfts, failed at crypto wallet, failed at store rebrands, failed at new product offerings (funko pop, really?), failed at increased distribution and now he’s asking for the chance to implement his ideas on a company 28X bigger (if we remove the dilution cash from the $gme balance sheet to adjust the mcap). He stole Jim Carey’s briefcase and shoved a ton more of IOUs in it, doubt it works.

$gme Sorry but what was that? This is not how you instill confidence. Cohen sounded dazed and unprepared. He certainly did not want to say or infer dilution but he ultimately had to acknowledge it. This is not who I’d want running a $56B highly dilutive and leveraged buyout. His “entrepreneurial spirit” has failed multiple times at GameStop. All he seems to know how to do is dilute.

$gme The proposal that Cohen just released is 50% cash /50% GameStop stock. Between $9B on balance sheet and TD Bank providing $20B they can pull it off, but the dilution is massive and I’m not sure why anyone would want that. He also plans to cut $2B of costs do mass layoffs and severance packages. The only thing Cohrn seems to do is fire people because he has no clue how to grow revenue.

$GME is preparing an offer to acquire $EBAY. GameStop market cap: $12 billion. eBay market cap: $46 billion. GameStop cash: $9 billion. GameStop long-term debt: $4 billion. So a $12B company with $5B in net cash is going to buy a $46B company. Got it. The math is going to be fascinating to watch. Let’s talk about Ryan Cohen’s performance so far… THE CLEAR FAILURES THE NFT MARKETPLACE (July 2022 – February 2024) • Launched July 2022. First 48 hours generated $3.5M in trading volume. • Partnered with blockchain platform Immutable X. Digital Worlds NFTs committed up to $250M in IMX tokens to support the ecosystem. • Built a dedicated blockchain engineering team around it. • Sales collapsed: $77.4M in 2022 → $2.8M in 2023 (a 96% decline in one year). • GameStop’s own SEC filing in March 2023 admitted NFT sales were not “material” to annual earnings. • Officially shut down February 2, 2024, citing “continuing regulatory uncertainty.” THE CRYPTO WALLET (May 2022 – November 2023) • Launched May 2022 as a self-custody wallet for crypto and NFTs (Chrome browser iOS app). • Was supposed to be the on-ramp that made the NFT marketplace work. • Shut down November 1, 2023, citing “regulatory uncertainty.” • Lasted about 18 months total. • The blockchain team was largely laid off. THE CEO PICK — MATT FURLONG (June 2021 – June 2023) • Cohen personally recruited Furlong from Amazon Australia to lead GameStop’s tech-forward transformation. • Furlong was the public face of the NFT/crypto pivot. • Fired without explanation in June 2023. No replacement announced at the time. • Cohen took over as Executive Chairman, then CEO in September 2023. • Cohen’s hand-picked CEO lasted exactly two years. THE HARDWARE / ACCESSORIES PUSH (2022 – 2024) • Cohen pushed the company into gaming chairs, TVs, and gamer-branded peripherals to diversify beyond games. • Most analysts now describe this as a “short-lived push.” • Revenue continued declining every year through the period the strategy was supposed to be working. STRUCTURAL PROBLEMS THAT HAVEN’T BEEN FIXED REVENUE KEEPS FALLING • Q1 2025: $732M, down from $881.8M YoY (-17%) • Q3 2025: missed estimates • Q4 2025: $1.1B, down from $1.28B YoY • The retail business is in secular decline. MASS STORE CLOSURES • 590 stores closed in fiscal 2024. • 295–410 more closed in early 2026. • Store count: 2,915 (Feb 2024) → ~1,598 today. • Roughly 45% of all stores closed in 2 years. THE $35B COMPENSATION BACKLASH • January 2026: Cohen granted performance-based stock options worth up to $35B if market cap reaches $100B. • Drew significant public criticism given simultaneous store closures and layoffs. THE PATTERN Cohen has had one repeating playbook for 5 years: identify a hot trend (e-commerce/tech in 2021, NFTs in 2022, crypto wallets in 2022, Bitcoin in 2025, transformational M&A in 2026), announce GameStop’s pivot into it, raise capital on the announcement, then quietly shut it down or move on to the next narrative when it doesn’t generate operating returns. The eBay rumor is the 5th major pivot announcement in 5 years.

$BYND just wrapped its best month in 2 years. Stock hit $1.14 this morning before pulling back to $0.96. Short interest: 31.7% of float. 108,000 watchers on Stocktwits. 52-week range: $0.50 to $7.69. Earnings drop next Wednesday after the bell. The setup hasn’t looked like this since 2024. I’m in for a small play here with 30,000 shares. Can drop back to $0.60, but if history can repeat it is a 10X potential. I’ll roll the dice with the R/R on 30% SI and retail chatter.

$V is up 6% today on Q2 revenue growth of 17% — the largest top-line increase the company has posted since 2022. Adjusted EPS: $3.31 vs. $3.10 expected. Revenue: $11.23B vs. $10.74B expected. Visa’s read on the consumer in their statement: “Spending remained resilient.” This should benefit $fisv which I called out yesterday as my now largest position.

$BBBY just posted its first revenue growth in 19 quarters. That’s the first time since 2021. Revenue: $247.8M, up 6.9% YoY. Up 9.4% if you exclude the Canada exit. Stock: 24% premarket on 4.4M shares. One of the original meme stock is in its comeback arc. You can’t make this up.