Similar to crypto infra for payments, the biggest winner of perpetuals might not be the native crypto player.
That doesn´t mean the niche player can´t make a lot of money but dont put on base case Hyperliquid displacing CME.
Single Stock opt are so strech vs Market vol that this googl dillution might be the trigger for maket to question AI spending again.
Then space x, then first fmoc, market makers need rebalance etc.
Coinbase spent 100 M+ to lobby on clarity act so they can pay yield on stables
Most likely didn´t work
So now they bought $ena and are using them to build their rewards product using a Legal Arb.
Imagine this happens, look at ena chart, always worth a bet. (speculation ofc)
@sadvalueinvestr@Larryjamieson_ If currently is expensive vs compliance risk, you can make that the case.
I was just giving an example of an exchange that recently listed and wasn´t that overpriced, multiple wise
Even after 30x, Hyperliquid runs at a shareholder yield of like 3%, while CME runs at like 4.5%?
@sadvalueinvestr@Larryjamieson_ hyperliquid works diferently than Sol-Eth, the token is finite, there is no perpetual inflation.
38% of supply is attributed to supply that stakes *2%, very similar to stock based compensation on CBOE-CME etc. If you want add these 30 B, you need also add to CBOE, CME etc.
$VSXY / $VSCO | Victoria Secret Q1’26 Earnings Highlight
🔹 Revenue: $1.560B (Est. $1.5B) 🟢; +15% YoY
🔹 Adj. EPS: $0.60 (Est. $0.3) 🟢
🔹 Comparable Sales: +13%
🔹 Adj Operating Income: $80M, above prior guide of $32M-$42M
Raised FY Guide:
🔹 Revenue: $7.030B-$7.130B, up from prior $6.85B-$6.95B 🟢
🔹 Adjusted Operating Income: $550M-$580M, up from prior 🟢$430M-$460M
🔹 Adjusted EPS: $4.35-$4.60
Q2 Guide:
🔹 Revenue: $1.590B-$1.615B 🟢
🔹 Operating Income: $90M-$100M
Segment Performance:
🔹 North America Stores Revenue: $802.8M; +11.3% YoY
🔹 Direct Revenue: $469.4M; +8.4% YoY
🔹 International Revenue: $287.4M; +44.9% YoY
Other Metrics:
🔹 Stores & Direct Comps: +13%
🔹 Stores-Only Comps: +10%
🔹 Total Stores: 1,423
🔹 Victoria’s Secret, PINK, and Beauty: Double-digit sales growth
🔹 New Customer Acquisition: Double-digit growth
Financials:
🔹 Operating Income: $76M vs $20M YoY
🔹 Adjusted Operating Income: $80M vs $32M YoY
🔹 Net Income: $48M
🔹 Adjusted Net Income: $51M
🔹 Gross Profit: $584.9M
Capital Return:
🔹 Buybacks: 2.2M shares for $100M
🔹 Average Repurchase Price: $45.27/share
🔹 Remaining Authorization: $150M
Commentary:
🔸 “We delivered a very strong start to 2026, exceeding top- and bottom-line guidance and continuing the momentum we built in the back half of last year.”
🔸 “We drove double-digit sales growth across Victoria’s Secret, PINK, and Beauty, as well as our fourth consecutive quarter of positive comps.”
🔸 “Given our strong first quarter performance and continued momentum in the business, we are raising our fiscal 2026 outlook and remain confident in our ability to drive profitable growth.”
Single Stock opt are so strech vs Market vol that this googl dillution might be the trigger for maket to question AI spending again.
Then space x, then first fmoc, market makers need rebalance etc.
@origoinvest negative 9$ a share to positive 20$ a share from Quantum, while also becoming couple pure plays on automation and aerospace is very atractive, why the market hasnt priced $hon higher?
More millionaires will be made in mining and commodities over the next 5 years than in AI.
I know that sounds wild. Hear me out.
AI runs on copper, nickel, lithium, uranium. Every datacenter, every robot, every EV.
The catch: we haven't sanctioned a major copper mine in over a decade. Discovery curves are flat. Discovery to production takes 15+ years.
Exploding demand meeting structurally constrained supply. Textbook setup for a generational commodities bull run.
AI gets the headlines.
The shovels get the returns.
Full conversation: https://t.co/icf4kdliTS