Mark Baum

Mortgage bonds are dog shit. CDOs are dog shit wrapped in cat shit.

[Mark Baum @MarkBaums]

https://t.co/Wv4T3a7ikA

[Mark Baum @MarkBaums]

CNBC saying crypto has lost the narrative. The BOTTOM is in🛸👽

ethereum:native

[The Long Investor @TheLongInvest]

$ETH Accumulate under the 200 WMA

6 Year trend support line looks set to be tested next.

PT $9000

[Mark Baum @MarkBaums]

@Mr_Derivatives Just got back in! 🛸

[Mark Baum @MarkBaums]

Great day! $CHWY

[Mark Baum @MarkBaums]

https://t.co/dk9eNh7JzT

[Mark Baum @MarkBaums]

UPDATE

$IREN $39 to $65 = 66%
$SNOW $140 to $241 = 72%

I called these just few months ago.

Will you listen with $CHWY ? $21 🐶

[Mark Baum @MarkBaums]

Are you watching closely?

$IREN $39-$52 = 33%

$SNOW $140-TBD...

https://t.co/rlZQhcFgDL

[Mark Baum @MarkBaums]

NO WONDER $CHWY is down!

Morgan Stanley lowered their price target from $49 to $43!

[Mark Baum @MarkBaums]

@Han_Akamatsu Good to see someone else taking about it🤝

[Mark Baum @MarkBaums]

https://t.co/dk9eNh7JzT

[Ashton Invests @Ashton_1nvests]

I have watched this video about 4,483,834 times tonight already…

$SOFI

[Mark Baum @MarkBaums]

@elonmusk @JeffBezos Bravo fellow billionaires!

[Mark Baum @MarkBaums]

@beTochMam I would be worried if they weren’t buying back the stock

[Mark Baum @MarkBaums]

Still don’t understand the sell off today. I listened to the call and I left more confident in $CHWY than I’ve ever been.

[Mark Baum @MarkBaums]

I listened to the $JPM tech conference where $CHWY CEO @sumitsingh spoke today.

The stock got hit because management said the consumer is more stressed than when they entered the year. This is a general statement most people would agree with. Not really debatable.

But the rest of the transcript was a lot more bullish than the price action suggests.

Chewy said online pet spending still has a long runway. Food and supplies e-commerce penetration has moved from the mid-teens to the high 30s over the last several years, and management thinks the category can move toward 45% to 50% online penetration over time.

Health is even earlier.

That is the part I think the market is underestimating.

Chewy says it captures 40 to 45 cents of every dollar that moves online in food and supplies, and around 70 cents of every dollar that moves online in health. That is a huge share position in the categories that matter most.

Then you have the core business.

Around 85% of sales are tied to food and meds, which are recurring and less discretionary. Autoship is now over 80% of sales. Churn is improving. Gross adds are increasing. Management still expects low single digit active customer growth and continued share gains.

The pharmacy and health business might be the biggest piece.

Only about 25% of Chewy customers are attached to pharmacy today, but when an existing customer adds pharmacy, management said share of wallet increases by $300 to $500. That is basically zero incremental CAC because they are already Chewy customers.

Chewy Vet Care also sounds stronger than people give it credit for.

New clinic customers are spending around $900 in year one. Existing customers expand share of wallet by 20% or more after using the clinics. Vet retention is high. Recruiting is faster than industry. Clinics are expected to produce better margins than the industry average.

And the AI angle is real.

Chewy is arguing that agentic commerce should route demand to the best combination of price, trust, reliability, fulfillment, and repeat convenience. In pet care, that points to Chewy.

I see a recurring revenue model, a large online share position, a growing health platform, improving AI efficiency, and a category that continues to move online.

[Mark Baum @MarkBaums]

I have a feeling $CHWY is using some of that $600 million at these levels

[Mark Baum @MarkBaums]

I listened to the $JPM tech conference where $CHWY CEO @sumitsingh spoke today.

The stock got hit because management said the consumer is more stressed than when they entered the year. This is a general statement most people would agree with. Not really debatable.

But the rest of the transcript was a lot more bullish than the price action suggests.

Chewy said online pet spending still has a long runway. Food and supplies e-commerce penetration has moved from the mid-teens to the high 30s over the last several years, and management thinks the category can move toward 45% to 50% online penetration over time.

Health is even earlier.

That is the part I think the market is underestimating.

Chewy says it captures 40 to 45 cents of every dollar that moves online in food and supplies, and around 70 cents of every dollar that moves online in health. That is a huge share position in the categories that matter most.

Then you have the core business.

Around 85% of sales are tied to food and meds, which are recurring and less discretionary. Autoship is now over 80% of sales. Churn is improving. Gross adds are increasing. Management still expects low single digit active customer growth and continued share gains.

The pharmacy and health business might be the biggest piece.

Only about 25% of Chewy customers are attached to pharmacy today, but when an existing customer adds pharmacy, management said share of wallet increases by $300 to $500. That is basically zero incremental CAC because they are already Chewy customers.

Chewy Vet Care also sounds stronger than people give it credit for.

New clinic customers are spending around $900 in year one. Existing customers expand share of wallet by 20% or more after using the clinics. Vet retention is high. Recruiting is faster than industry. Clinics are expected to produce better margins than the industry average.

And the AI angle is real.

Chewy is arguing that agentic commerce should route demand to the best combination of price, trust, reliability, fulfillment, and repeat convenience. In pet care, that points to Chewy.

I see a recurring revenue model, a large online share position, a growing health platform, improving AI efficiency, and a category that continues to move online.

[Mark Baum @MarkBaums]

I read Chewy’s AI piece and I think the market is looking at this too simplistically.

The easy take is that AI shopping agents will hurt e-commerce companies because they will just find the cheapest seller for everything.

That may be true for a lot of random products. I do not think it is that simple with pet care.

Chewy sells food, meds, prescription diets, pharmacy products, and recurring essentials. Those are categories where people care about trust, accuracy, reliability, and delivery speed. If your dog needs a specific prescription food or your cat’s meds show up late, saving a dollar is not the main thing on your mind.

Chewy already has a strong position in the exact areas AI should care about: Autoship, pharmacy, vet diets, fulfillment, pricing, and customer trust.

So when an AI agent is choosing where to send a pet owner for something important and recurring, Chewy seems like an obvious destination.

I think AI could end up helping the best operators in specialized categories, and Chewy is one of them.

Still bullish on $CHWY.

https://t.co/kIc4TLhOV3

[Mark Baum @MarkBaums]

Did you know institutional investors own 93.09% of $CHWY ?