The main articles for the week have already been sent. Over the last five days, subscribers have received:
- Salesforce Earnings Review
- MongoDB Earnings Review
- Snowflake Earnings Review
- Zscaler Earnings Review
- A few brief software earnings snapshots
- My current portfolio & performance
- You can also find more than 30 other reviews from the season here.
Next week, subscribers will receive earnings reviews on CrowdStrike, Broadcom, Palo Alto and Rubrik. I also plan to publish summaries of Axon & Uber investor conference interviews either this weekend or early next week.In terms of all the other headlines and developments that crossed the tape:
Uber purchased another 12% of Delivery Hero from Aspex Management to raise its stake to 37%. Uber continues to work on taking the company over. They offered €33 per share, which the company rejected with reports that it wants €40 per share. Ownership of this asset would give Uber materially more reach across many markets around the globe.
Per The Information, Meta will start testing an AI pendant wearable this year as its smartglasses continue to prosper and it focuses more on the category. It will also soon offer a new enterprise-focused version of its smartglasses under a new initiative called Wearables at Work. Meta is also fully rolling out paid subscriptions across all Meta markets and apps. These are all under the “Meta One” umbrella. Prices range from $2.99 to $19.99 per month (for the compute heavy AI plans). Meta has earned a truly gigantic supply of consistent traffic. This is a great way to use that traffic and generate a new high-margin revenue stream.
As part of the ongoing SoFi USD stablecoin rollout, SoFi made its currency available to consumers for transactions right in the app. The preliminary December launch was mainly for enterprise use cases and experimentation. This news makes SoFI the first chartered bank to offer their own stablecoin to consumers.
125K workers in Korea are about to get $400K bonuses from Samsung while their overall stock market goes parabolic. All of that should be good for consumer spending in Korea, which is good for Coupang.
Mercado Libre had a (very wealthy) board member buy about $1M worth of stock in open markets. The news marks the 2nd insider purchase in the last few months for a company that doesn’t tend to see a lot of that.
And in Macro-land:
The Core Personal Consumption Expenditure (PCE) index rose by 0.2% M/M for April vs. 0.3% expected and 0.3% last month. The PCE index rose by 0.4% M/M for April vs. 0.5% expected and 0.7% last month. For more good news, the Chicago Purchasing Managers Index (PMI) for May was 62.7 vs. 50.6 expected. The latest Q1 GDP reading, on the other hand, was 1.6% vs. 2% expected while initial jobless claims were slightly worse than expected.