Products/Services:

• AppLovin Ads | An AI-driven performance advertising platform that helps advertisers and consumer brands acquire costumers.

• MAX | A monetization app that maximizes publisher ad revenue.

• Adjust | Marketing analytics and measurement platform

• Wurl | A connected TV (CTV) platform that delivers streaming video distribution, monetization, and advertising solutions for content creators and media companies.

AppLovin has an excellent business model and phenomenally efficient and profitable products.

Revenue growth in recent years has been very strong, with estimated annual revenue of $8 billion in 2026, representing a 46% YoY growth compared to 2025.

Net income has experienced explosive growth, increasing from $35 million in 2021 to an impressive estimated $4.8 billion in 2026.

But why have these values ​​increased so much?

Here’s why…

AXON 2.0 Technology

A powerful Artificial Intelligence for advertising that has attracted a lot of attention for its quality.

AppLovin is now a 100% software-first company and no longer operates a first-party gaming business. They stopped investing in expensive game studios.

Since they are now a software focused, their net income margins are much better, and much of the new revenue has immediately turned into net income.

The company’s operating margins exceeded 60%.

And more…

They adapted AI to serve online stores (E-commerce).

Made a strong entry into the streaming TV commercials market.

Traditional brands have started shifting their budgets to AppLovin.

They are positioned to become a bigger and better company in the coming years.

2026 Financial Statments

Q1:

What Went Right:

Total Revenue: $1,842.4 million (+59.0% YoY vs $1,159.0 million)

Operating Costs and Expenses: $402.5M (+26.2% YoY) | They grew at less than half the rate of revenue.

Operating Income: $1,439.9M (+71.4% YoY) | Stratospheric operating margin of 78.2%.

Net Income: $1,205.6M (+109.2% YoY vs $576.4M) | Net profit margin of 65.4%.

Diluted EPS: $3.56 (+113.2% YoY vs $1.67)

Q2:

What Went Right:

Total Revenue: $1,923.7 million (+52.8% YoY vs $1,258.8 million)

Operating Costs and Expenses: $429.4M (+42.6% YoY) | Increase focused on R&D investment ($99.9M vs $44.0M).

Operating Profit: $1,494.3M (+56.0% YoY) | Operating margin of 77.7%.

Net Income: $1,266.5M (+54.5% YoY vs $819.5M)

Diluted EPS: $3.76 (+57.3% YoY vs $2.39)

Cash Flow and Balance Sheet

The Q2 cash flow and balance sheet is amazing!

P/E, EV/EBITDA, P/FCF, PEG

• Trailing P/E (TTM): ~24.0x – 24.4x

• Forward P/E: ~17.1x – 19.8x

• EV/EBITDA: ~19.3x – 19.7x

• Price-to-Free Cash Flow (P/FCF): ~23.1x

• PEG Ratio: ~0.88

• Market Cap: 104 billion

Excellent valuations!

Investment Thesis

AppLovin ($APP) is an exceptional company and currently stands as one of the most compelling tech engine plays in the large-cap ad-tech space, commanding a market capitalization of approximately $104 billion

It is a stock that has experienced a massive downfall in pricing. -50% YTD because of recent market volatility.

This means that we are currently facing a better opportunity to enter the business, acquiring at a much lower price, while maintaining a greater margin of safety and success in the investment.

AppLovin (APP) is a high-growth technology stock that does not pay a dividend.

Excellent fit in a growth focused portfolio like the EQUITIZE one.

Target prices and purchase opinions:

Price: $307 (2 sept.)

BEAR CASE (Pessimistic)

BASE CASE (+ Realistic)

Read more

Among my biggest gainers this past week were:

$MSFT | +6.17%

$NOW | +11.46%

$HNST | +12.67%

$CRM | +22.62%

Among my biggest losers this past week were:

$NKE | -2.97%

$MU | -3.71%

$SOFI | -4.39%

Fear & Greed Index - Neutral 54

Once again, meaning investors are neither panicked or euphoric. The market sentiment is in a balanced state which is a signal of a healthy market to buy and find great investment opportunities.

Our Track Record

Since the beginning of 2026, our fundamental analysis philosophy has yielded excellent results, as highlighted by our top past picks and their approximate returns since inception:

• Micron Technology ($MU) | ~+196%

• Honest Company ($HNST) | ~+117%

• Cheesecake Factory (CAKE) | ~+112%

• Advanced Micro Devices ($AMD) | ~+108%

• Palo Alto Networks Inc ($PANW) | ~+107%

  ---

BEST STOCKS TO BUY THIS WEEK:

(BULL CASE; BASE CASE; BEAR CASE)

1. SoFi Technologies,

Read more

In this second quarter, Salesforce’s revenue surpasses an impressive US$11 billion (three months ended).

EQUITIZE rating: 7.5 / 10

Revenue Grows +10.8%, but Net Income +86.8% is Inflated by Investment Gains, which doesn’t fully reflect the overall performance of the business.

Salesforce reported quarterly results showing solid revenue growth, but with signs of pressure and weakness in the operating margin of its core business.

• Total Revenue: $11.345M (+10.8% YoY), thanks to increased subscriptions.

• Cost of Revenue: $2.649M (+18.2% YoY), grew faster than revenue.

• Gross Profit: $8.696M (+8.8% YoY)

• Operating Profit: $2.331M (-0.04% YoY)

• Net Profit: $3.526M (+86.8% YoY), surged due to a non-recurring gain of $2.61B in strategic investments - Anthropic investment.

• Diluted EPS: $4.29 (+118.9% YoY)

A quarter of mixed feelings.

Double-digit growth in subscription revenue shows the resilience and future of the software ecosystem, but rising operating costs and reliance on non-operating earnings on the balance sheet require caution when analyzing nominal EPS.

A solid quarter, but nothing particularly impressive.

Revenue Growth: 8.5 /10

Margins: 6 / 10

Operational Efficiency: 5 / 10

Net Income: 8 / 10

Anthropic & Salesforce

Since 2023, Salesforce has invested over $300 million in Anthropic in several funding rounds. With the revaluation of the AI startup, Salesforce had to update the value of its investment to reflect its market capitalization. The value of this stake has risen to approximately $5.1 billion, which altered the actual net income and EPS.

This is an unrealized, non-operating accounting gain. Salesforce did not sell Anthropic stock or put $2.6 billion of cash into operating cash as a result of this gain.

If we remove this big gain from the result, the operating EPS is around $3.37 to $3.40. It’s a number that continues to exceed Wall Street expectations, but it’s far from the profit explosion suggested by the Net Income line.

Stock Reaction,

Salesforce ($CRM) stock surged +14% in after-hours trading shortly after the earnings release and Anthropic partnership news.

The following day, the stock closed up +22.58% in a single day, quoted at US$256.00.

Q3 FY27 Guidance

Thanks and Happy Investing!

- EQUITIZE

Revenue Exceeds $96 Billion and Net Income More Than Doubles (+118% YoY)

EQUITIZE rating: 9.9 / 10

Nvidia has once again reported an extraordinary quarter, demonstrating that demand for Artificial Intelligence infrastructure continues at a very fast pace and with operating margins among the best in the sector.

• Total Revenue: $96,221M (+106% YoY | +18% QoQ)

• Gross Margin: 75.0% (+2.5 pts YoY)

• Operating Expenses: $8.232M (+54% YoY)

• Operating Income: $63.956M (+124% YoY)

• Net Income: $53,954M (+118% YoY)

• Diluted EPS: $2.22 (+120% YoY)

Doubling revenue year-over-year when you already operate at a massive scale like NVIDIA ($96.2B in one quarter) is a demonstration of absolute dominance in AI infrastructure.

Maintaining a gross margin at the absurd level of 75% while scaling production demonstrates a pricing power that is “CURRENTLY” unparalleled in the semiconductor industry. (AMD could change this “monopoly”)

Operating expenses rose +54%, but at a much slower pace than revenue growth, resulting in a massive expansion of the operating margin (which reached 66.5%).

The conversion of revenue into pure net profit is phenomenal, generating US$53.95 billion in net profit in a single quarter.

Revenue Growth: 10 /10

Margins: 9.9 / 10

Operational Efficiency: 10 / 10

Net Income: 9.7 / 10

Stock Reaction

Nvidia ($NVDA) went up +7.18% in after-hours trading following earnings announcement, reaching $224.71!

Why?

The market responded with enormous enthusiasm to the company’s ability to continue accelerating growth on a massive scale, registering a +106% YoY jump in revenue and maintaining untouchable gross margins at 75.0%. The operational leverage that made net profit accelerate +118% YoY dispelled any doubts about the slowdown in demand for AI chips.

Also... Wall Street expectations were extremely high for this quarter, with many analysts fearing that any slight slowdown in the Data Center segment or margin compression could trigger a severe correction in the stock.

However, Nvidia not only beat consensus on revenue and EPS, but proved once again that fears of “overinvestment” in AI infrastructure (AI CapEx) by Big Tech have not yet materialized.

Maintaining gross margins at 75.0% and solid guidance demonstrated that the company’s pricing power remains untouchable, justifying the immediate recovery of +7.18% in after-hours trading and consolidating market confidence in the long-term growth thesis.

Estimates:

Revenue: est. $92.2B | beat!

EPS: est. $2.09 | beat!

Thanks and Happy Investing!

- EQUITIZE

Products:

• Baby Essentials

• Bath & Body Care

• Skincare & Beauty

• Cleaning & Personal Health

These products are priced higher than the average of other brands due to their ecological quality.

They are premium quality products.

This company’s products have a promising future due to the strong and growing demand for sustainable consumption.

And at the same time, regardless of the economic state of the country or the world, these goods will continue to be purchased by the population, as they are essential goods, ensuring that the business remains resilient and predictable even in times of crisis.

Annual Revenue Historical

Recent Revenue Evolution (2021–2025)

The company’s revenue has increased very steadily and healthily in recent years. It went from $318.60 million in 2021 to $371.30 million in 2025, representing a growth of +16.5% over these 4 years.

In 2025, revenue registered a slight contraction of -1.9%, reaching US$371.3 million. This drop was not a sign of weakness in the business, but rather the result of implementing the Transformation 2.0 plan.

Strategic Plan: Transformation 2.0

Transformation 2.0 is HNST’s restructuring plan for the coming years, designed to convert revenue growth into real and sustainable profitability, abandoning the previous strategy of expansion at any cost, which could cost them dearly in terms of quality in the long term.

The Three Practical Pillars:

• Focus on what really sells: They abandoned unprofitable products to concentrate all their energy (and money) on the star products that customers love.

• Sell where people buy: Instead of spending fortunes on ads to attract people to our the website, the brand invested heavily in places where the public already makes their daily purchases, such as Amazon, Walmart, and Target.

• Leaving unprofitable markets: The company decided to close overseas operations that were only causing financial headaches, such as Canada market, to focus all efforts on the North American market, for now.

The Real Impact on the Accounts:

• Record Gains: By prioritizing premium products such as facial creams and wipes, profit margins went up to impressive figures between 43% and 48%. Incredible!

• Cut Waste: Organizing warehouses and clearing out inventory that had been sitting for months resulted in direct savings of many millions of dollars.

• Clean Accounts: With this restructuring, the company was able to pay off all its debts, eliminate debt completely, and save over $105 million in the bank.

  ---

2026 Financial Statments

Q1:

What Went Right:

🟢 Gross Margin (42.6% vs 38.7%).

What Went Wrong:

🔴 Drop in Revenue (-19.7% YoY). Fell to $78.1M due to low consumer demand and a slowdown in sales volume across distribution channels.

🔴 Return to Losses (Net Income of -$42K).

Q2:

What Went Right:

🟢 Record Gross Margin (48.4% vs 40.4%).

🟢 Severe Cut in SG&A (-26.5%).

🟢 Net Income Recovery ($10.69M).

What Went Wrong:

🔴 Revenue Still Under Pressure (-10.9% YoY): Sales remain below the previous year ($83.3M vs $93.5M).

Cash Flow and Balance Sheet

• A decrease of -31.5% in inventory values ​is excellent and saves them on maintenance and waste.

• More Cash and Cash equivalents. +18.2%

• A small drop in total current assets due to the inventories changes.

• Less Debt! -4.7%

P/E, EV/EBITDA, P/FCF, PEG

P/E - 79x | Forward P/E - 42x

EV/EBITDA | 30.8x to 40.3x ttm

P/FCF - 10.3x to 14.4x

PEG ratio | 0.15

Excellent valuations!

Investment Thesis

$HNST is an excellent company and one of the best stocks with a market cap below US$1 billion (currently its market cap is US$557 million).

It is a stock that has already experienced very sharp price growth in recent months (approximately +136% in the last 6 months), but we still consider it a good investment opportunity, although now with less ROI than before.

It is a stock that can easily fit into various types of portfolios, being mostly a “Value Stock” mixed with some growth.

A small-cap stock with an incredible future.

Target prices and purchase opinions:

Price: $5,50 (25 ago 2026)

BEAR CASE (Pessimistic)

BASE CASE (+ Realistic)

Read more

Among my biggest gainers this past week were:

$CRM | +6.61%

$ELF | +11.38%

$CELH | +14.78%

Among the biggest losers this past week were:

$MSFT | -2.38%

$ISRG | -3.88%

$AMD | -8.18%

Fear & Greed Index back to neutral to 55.

meaning investors are neither panicked or euphoric. The market sentiment is in a balanced state which is a signal of a healthy market to buy and find great investment opportunities.

Our Track Record

Since the beginning of 2026, our fundamental analysis philosophy has yielded excellent results, as highlighted by our top past picks and their approximate returns since inception:

• Micron Technology ($MU) | ~+207%

• Advanced Micro Devices ($AMD) | ~+112%

• Cheesecake Factory (CAKE) | ~+115%

• Palo Alto Networks Inc ($PANW) | ~+100%

• Honest Company ($HNST) | ~+93%

  ---

BEST STOCKS TO BUY THIS WEEK:

Read more

The issue of circularity in Artificial Intelligence investments by big companies clearly belongs to the category that worries us when we think about it, especially when we are heavily exposed to Big Tech stocks in the market like Meta, Amazon, Google, AMD, Nvidia, and so on.

But why might this be a cause for concern?

Circular investment has become one of the most contested phrases in AI infrastructure. Chipmakers, hyperscalers and neoclouds are all wrapped up in it. This phenomenon occurs when a group of companies invest in each other or fund each other’s customers or vendors. This can happen when a small group of big companies invest in a startup, and as this one rises, it begins to spend that exact money in the same big companies.

For example: A chip manufacturer or cloud provider invests billions in an AI company; that company, in turn, uses a significant portion of that capital to buy chips or computing power... from the investor itself. The money goes out one way and comes back, sooner or later, through the same door.

So, what happened?

The companies involved in this deal grew in size, but in reality, they didn’t add value because they ended up with “the same amount of money.”

All this process can artificially inflate revenue, profit margins, and stock valuations, creating a dangerous mismatch between a company’s financial reports and its actual economic health.

This is the biggest concern:

Nvidia is the most frequently cited example when it comes to this subject.

Since 2020/2021, Nvidia has already spent approximately US$85 billion on AI & Cloud startups as long as other companies in this field:

Foundational AI Models & Software

1. OpenAI: $30 Billion

2. Anthropic: Up to $10 Billion

3. Safe Superintelligence (SSI): $5 Billion

4. SpaceX / xAI: $21 Billion

5. Cursor: $2.3 Billion

Cloud & Data Center Infrastructure

1. CoreWeave: $2 Billion

2. Corning: Up to $3.2 Billion

3. IREN: Up to $2.1 Billion

4. Nebius Group: $2 Billion

5. Marvell Technology: $2 Billion

6. Coherent Corp: $2 Billion

7. Lumentum: $2 Billion

8. Nscale: €500 Million

However, a critical issue arises in relation to these investments: a significant part of the capital injected by Nvidia ends up returning to the company itself through the purchase of its chips and services. Market critics point out that this cycle of “circular investment” can create an illusion of artificially sustained revenue growth, generating warnings about risks to stock market stability.

Nvidia CEO Jensen Huang flatly rejects the criticism, calling it exaggerated.

The Reality

Putting aside the rhetoric from both sides, what do the numbers really say?

Continuing with the example of Nvidia, its capital investments in AI and Cloud startups, valued at US$85 billion and more than US$540 billion in announced deals in 2026 alone, seem like astronomical figures but still represent a relatively small slice of the company’s total revenue.

Ex: Nvidia itself invested only US$2 billion in CoreWeave for a stake of about 9%, an amount that corresponds to less than 6% of the US$35 billion in capex that CoreWeave will spend in 2026.

In the case of CoreWeave, the vast majority of the money will come from other factors such as investors and debt.

Regarding the accusation that hyperscalers “fund their own demand,” Jensen Huang’s response has been straightforward, describing the amount invested as a small fraction compared to the total capital these companies have to raise elsewhere.

Ultimately, the reality lies somewhere between Huang’s view and the critics' concern. It is a deeply interconnected network. While the concentration of counterparties is real and measurable, only a small fraction of capital expenditure is actually "circular"

What does this mean for Big Tech?

(AMZN META GOOG NVDA)

Capex isn’t going to stop: Big Tech companies will increasingly spend more money aggressively on investments and circular businesses.

Different Financing: From own cash flow to debt.

Network risk: Connected balances where a problem in one company can spread to others.

Analysis criteria: it’s no longer enough to ask “is the company good?”, you will have to also ask “can the whole network handle it?”

GOOGL, META, AMZN e NVDA - Dead Money Stocks?

1. GOOGL

Problem:

• Negative FCF for the 1st time in history, due to accelerated capex.

• Increasing need on monetizing Gemini & Cloud to justify short term investment.

Dead Money Stock Probability (Short Term): Medium

2. META

Problem:

• Meta expects its full-year 2026 capital expenditures (CapEx) to range between $130 billion and $145 billion. A lot of money compared to the expected revenue of ~$250 billion USD

• Uncertainty regarding ROI (return on investment) on the investor side.

Dead Money Stock Probability (Short Term): Medium/High

3. AMZN

Problem:

• Most aggressive capital expense of the four, FCF already under pressure.

Dead Money Stock Probability (Short Term): Medium

4. NVDA

Problem:

• Bigger exposure to circularity. Revenue linked to customers that Nvidia itself funds.

• Any slowdown in demand for GPUs will punish the stock price.

Dead Money Stock Probability (Short Term): Medium

Circular investments are not in themselves a cause for great concern today, much less evidence of fraud. Even so, the fact that the same capital appears on multiple balance sheets simultaneously may represent a cause for caution in the future.

For heavy shareholders of companies like those mentioned above, the philosophy to adopt is simple: Carefully review these high-level positions, such as META, as they have a higher probability of becoming dead money stocks in the short term.

However, at the same time, try to see them as excellent buying opportunities during price dips, because, in the long term, these companies have significant upward potential.

Thanks and Happy Investing!

- EQUITIZE

Amex is the fourth-largest card network globally based on purchase volume, behind China UnionPay, Visa, and Mastercard.

By the end of 2023, American Express reached 141.2 million global cards in force, with cardholders generating an average annual spend of $24,059 per account.

Products & Services:

Personal Financial Products

• Personal credit and charge cards

• Membership rewards points

• Personal savings accounts

• Travel planning and concierge services

• Gift cards and prepaid options

Business & Merchant Services

• Small business credit and charge cards

• Corporate payment and expense tools

• Business checking and funding options

• American Express Merchant Services

• Fraud prevention and data security

American Express Revenue and Net Income in billion US$:

2026 Financial Statments

Q1:

Q2:

Cash Flow and Balance Sheet

Pros:

• Total assets +9% YoY

• Card balances +8% YoY

• ROE 35.2% and ROCE 36.6% YoY

• Book value per share +12% YoY

• Net interest income of 8.4%

• Equity +9% YoY

Cons:

• Long-term debt +15% YoY, it’s the only line that stands out.

  ---

  P/E, EV/EBITDA, P/FCF, PEG

P/E - 20.6× | Forward P/E - 17.0×

EV/EBITDA - ~19.3×

P/FCF - ~15.4×

PEG (5yr expected) - 1.3

Investment Thesis

American Express is an excellent, well-established, and still-growing company that we believe could be an excellent long-term investment opportunity.

American Express is in the best economic health phase since its start; however, it is down ~13.8% from its 52-week all-time high closing price of $387.

Today's price of $333/share sits well below the average analyst target of $373. This means that the shares are currently at a cheap price and can be considered a safe investment opportunity with less risk and more attractive growth potential.

American Express fits well in every type of portfolio and we consider that it is a “must-have” stock as a major position.

Target prices and purchase opinions:

Price: $334

BULL CASE

Read more

$ISRG up +4.14%,

$CAKE up +4.82%,

$CELH up +5.33%,

$AMD up + ,

$MU up +10.87%.

Among the biggest losers this past week were:

$MSFT down -0.95%,

$NKE down -2.18%,

$AMZN down -4.12%,

$ELF down -7.34%,

$HNST down -10.26%.

Our Track Record

Since the beginning of 2026, our fundamental analysis philosophy has yielded excellent results, as highlighted by our top past picks and their approximate returns since inception:

• Micron Technology ($MU) | ~+208%

• Advanced Micro Devices ($AMD) | ~+130%

• Cheesecake Factory (CAKE) | ~+115%

• Palo Alto Networks Inc ($PANW) | ~+114%

• Honest Company ($HNST) | ~+85%

• Astera Labs ($ALAB) | ~+79%

At EQUITIZE, we believe that all these moves are a sign of a medium healthy market with some specific atractive buying opportunities. Here are the best buys this week:

Read more

According to FactSet, S&P 500 earnings grew approximately 47.4% in the second quarter of 2026, the highest growth rate since 2021. Around 86% of companies exceeded Wall Street estimates and consensus, representing the highest number of expected outperforms in the last fifteen years.

Here are some of the financial results from some of the most important companies in the stock market right now:

Netflix ($NFLX)

These are Netflix ($NFLX)’s solid results for Q2 2026, released today, and personally, I rate them 7.2/10.

• Revenues: +13.4% ($12.560M)

• Operating Income: +11.1% ($4.193 million)

• Net Income: +8.8% ($3.401 million)

• Diluted EPS: +11.1% ($0.80)

*Important to remember that all historical EPS data has been retroactively adjusted to reflect the 10-for-1 stock split carried out in November 2025.

Netflix continues to report excellent cash flow and is the undisputed leader in its sector. Solid results for a company that all indications suggest could be an excellent long-term investment.

ServiceNow ($NOW)

These are ServiceNow ($NOW)’s solid results for Q2 2026, and personally, I rate them 8.4/10. High marks.

Wall Street Expectations:

- Diluted EPS (Non-GAAP) - EXCEEDED

• Estimate: $0.88

• Actual: $0.90

- Revenue - EXCEEDED

• Estimate: ~$3.93 billion

• Actual: $3.987 billion

- Projection - BELOW EXPECTATIONS

• Estimate: ~$4 billion

• Actual: $3.98 billion

ServiceNow continues to prove its efficiency and business automation service, exceeding estimates and delivering extremely strong subscription metrics. Solid results for a company that continues to show all the indicators of an excellent long-term investment.

UnitedHealth, ($UNH)

These results from UnitedHealth Group ($UNH) for Q2 2026 are a genuine demonstration of efficiency and cost control, with an absolutely fantastic margin recovery!

I rate these quarterly financial results at a very strong 8.7/10.

Total Revenues: +0.37% ($112.032M)

Adjusted EPS: +56.4% ($6.38)

Operating Income or Earnings from operations rose +55.2% from $5.15B to $7.99B, an incredible and very strong result, which reveals that even with revenues practically unchanged (+0.37%), the company proved that it can obtain much more profitability per dollar earned.

Alphabet Inc. ($GOOGL)

These are the impressive Q2/26 results for Alphabet Inc. ($GOOGL) released earlier today, and personally, I rate them a 9/10. Massive!

Wall Street Expectations:

• Diluted EPS

  • Estimate: ~$2.18

  • Actual: $9.11 (Heavily influenced by the $97.9B one-off gain in Other Income)

• Revenues

  • Estimate: ~$111.4 billion

  • Actual: $119.796 billion (Beat expectations comfortably)

Operating Income: +30.4% ($40,770M)

Net Income: +297.9% ($112,193M)

The significant increase in net income and earnings per share (EPS) reflects an extraordinary non-operating gain recorded under “Other Income” (US$ 97,983 million), driven by past investments that are reflected in this quarter’s figures.

Google continues to prove why it remains one of the most dominant and efficient companies on Earth. The business accelerated tremendously especially the Google Cloud part. Very good results for a company of such importance and long-term relevance.

Tesla, ($TSLA)

These are the weak Q2/26 results for Tesla ($TSLA), and personally, I rate them a 3/10.

Wall Street Expectations:

• Diluted EPS (Non-GAAP)

  • Estimate: ~$0.41

  • Actual: $0.33 (MISSED)

• Revenues

  • Estimate: ~$26.8 billion

  • Actual: $28.236 billion (BEAT)

Operating Income: -56.9% ($398M) MISSED

Operating Margin: 1.4% (vs 4.1% in Q225) MISSED

Net Income (Non-GAAP): -17.2% ($1,153M) MISSED

Free Cash Flow: -$1,092M (vs +$146M in Q225) MISSED

The sharp increase in CapEx for AI infrastructure pulled Free Cash Flow deep into negative territory this quarter.

Tesla continues to present a major dilemma for fundamental investors: while top-line revenue expands, core automotive profitability remains under severe pressure. The massive CapEx in AI can or cannot pay off long-term, but the current quarter clearly reflects margin deterioration. The current valuation is excessively high, and we are expecting a sharp drop in the share price in the near time when all the robotaxi hype fades away.

PayPal ($PYPL)

PayPal ($PYPL) Q2 2026: 5 / 10 ⚠️

Despite beating Wall Street estimates for revenue ($8.68B) and EPS ($1.38 Non-GAAP), the report reveals an operation under intense pressure.

A major positive highlight was Adjusted Free Cash Flow, which surged 179% (to $1.83B). However, operating profit fell 8%, and margins contracted again (-248 bps).

In practice, PayPal remains unable to accelerate its core business and relies almost exclusively on cash generation to aggressively repurchase shares. It has been a dead money stock for a long time now, unfortunately…

The Cheesecake Factory ($CAKE)

The Cheesecake Factory ($CAKE) Q2 2026: 8.5 / 10 ✅

$CAKE delivered a quarter of excellent operational execution. With revenues growing +7.7% ($1.03B) and costs rising at a slower pace (+6.7%), the company expanded its operating margin by 80 bps. The result was a jump of +21.2% in Operating Profit and +23.7% in Diluted EPS ($1.41 vs $1.14). A classic example of how moderate revenue growth can translate into strong profit growth when there is operational efficiency.

SoFi Technologies ($SOFI)

SoFi Technologies ($SOFI) Q2 2026: 9.2 / 10 🔵⚜️🌐

SoFi delivered a crushing quarter. Total net revenue climbed +42.5% to $1.22B, with net interest income growing an impressive +52.2% ($788M). Thanks to operational leverage and continued deposit attraction, net income jumped +61% to $156.6M, resulting in a diluted EPS of $0.12 (+50% YoY). A clear demonstration that the fintech’s scale is translating into real and accelerating profitability.

This is SOFI!! 🔵

Meta Platforms ($META)

Meta Platforms ($META) Q2 2026: 4.8 / 10 🌐📱

Meta’s core advertising engine remains powerful, but massive investments in AI infrastructure are squeezing the bottom line.

• Revenue (+27.9% YoY): Surged to $60.80B, showing robust demand for Meta’s ad network.

• Total Expenses (+55.2% YoY): Exploded to $42.03B, driven by aggressive CapEx and R&D ($21.66B).

• Net Income (-13.6% YoY) & EPS (-13.4% YoY): Profit fell to $15.85B, pushing Diluted EPS down to $6.18.

Apple ($AAPL)

Apple ($AAPL) Q1 2026: 8.6 / 10 ✅🍎📱

Apple delivered an outstanding quarter with revenue accelerating +16.6% YoY to $111.18B, powered by strong iPhone demand ($56.99B, +21.7%) and a major rebound in Greater China ($20.50B, +28.1%). Gross margin expanded to a massive 49.3%, driving Operating Income up +21.3% to $35.88B. Despite higher R&D investments (+33.5%), relentless buybacks helped push Diluted EPS up +21.8% to $2.01.

Amazon ($AMZN)

Amazon ($AMZN) Q2 2026: 9.4 / 10 🌐🧩💸

Amazon delivered an outstanding operational quarter, breaking past $200B in quarterly net sales (+19.6% YoY).

• Net Sales: $200.61B - +19.6%

• Total Operating Expenses: $173.15B - +16.6%

• Operating Income: $27.46B - +43.2% (Operating margin expanded to 13.7%)

• Diluted EPS: $5.75 - +242%

• Net income: $62.65B - +245%

  ---

Chevron Corporation ($CVX)

Chevron ($CVX) Q2 2026: 9.7 / 10 🔰💸🛢️

Chevron delivered a monster quarter, capitalizing on strong production volumes and operating efficiency to push quarterly net income past $12B.

• Total Revenue: $70.06B - +56.3% YoY

• Total Costs: $53.37B - +31.2% YoY

• Net Income: $12.07B - +384.8% YoY

• Diluted EPS: $6.11 - +321.4% YoY

  ---

Palantir ($PLTR)

Palantir ($PLTR) Q2 2026: 9.9 / 10 💸⚜️💎

Pure fundamental excellence. Palantir is proving that AI software scaled at enterprise level generates unmatched operating margins and compounding power.

• Revenue: +92.8% - $1.935B

• Gross profit: +102.1% - $1.64B

• Net income: +225% - $1.06B

• EPS: +215.4% - $0.41

  ---

AMD ($AMD)

AMD ($AMD) Q2 2026: 9.5 / 10 🚀 🟢

AMD delivered a standout quarter powered by aggressive revenue acceleration and major gross margin expansion.

• Net revenue: +50.1% | $11.54B

• Gross Profit: +102.8% | $6.20B

• Total Operating Expenses: +31.9% | $4.21B

• Operating Income: $1.99B vs -$134M

• Net Income: +163.4% | $2.30B

• Diluted EPS: +155.6% | $1.38

  ---

McDonald’s ($MCD)

McDonald’s ($MCD) Q2 2026: 6.5 / 10 🍟 ✅

McDonald’s delivered a steady, defensive quarter, leaning on its high-margin franchise model and share buybacks to grow EPS by nearly 6%.

• Total Revenue: $7.10B (+3.7% YoY)

• Operating Expenses: $3.76B (+4.1% YoY)

• Operating Income: $3.34B (+3.3% YoY)

• Net Income: $2.36B (+4.8% YoY)

• Diluted EPS: $3.32 (+5.7% YoY)

  ---

SpaceX ($SPCX)

SpaceX Q2 2026: 8.3 / 10 🚀 ♠️

Impressive demonstration of operational leverage in a capital-intensive business. Massive investment in R&D ($3.55B) continues to delay formal net profit, but SpaceX’s core operation is poised to become a genuine cash-generating machine.

Revenue: 7.81B (+91.9% YoY)

Total costs and expenses: 7.96B (+57.8% YoY)

Loss from operations: -$143M

Net loss: -$541M

Net loss per share: -$0.09

Uber ($UBER)

Uber ($UBER) Q2 2026: 7.5 / 10

Revenue growth slowing compared to previous quarters. Cost control lagging behind sales. Operating margin rose to 13.3%. EPS growth driven by a 3.5% reduction in the number of shares.

• Total Revenue: $14.19B | +12.2%

• Costs and Expenses: $12.30B | +9.8%

• Operating Profit: $1.89B | +30.3%

• Net Income: $2.39B | +76.7%

• EPS Diluted: $1.17 | +85.7%

  ---

Celsius Holdings ($CELH)

Celsius Holdings ($CELH) Q2 2026: 8 / 10 💎♠️

A quarter with significant accounting “noise.” The core operation remains solid with revenue above $817 million and positive underlying leverage, but the transition of distribution agreements cost $80.8 million in the short term, temporarily wiping out half of the reported net income.

Don’t be fooled by the unadjusted results. These were good quarterly results!

Spotify ($SPOT)

Spotify ($SPOT) Q2 earnings: 9 / 10 💸 ♠️

Exceptional structural shift. Margin expansion in core subscriptions, combined with strict spending discipline, continues to drive impressive bottom-line compounding.

• Revenue: +13.9% | $4.78B

• Gross profit: +20.9% | $1.60B

• Operating Income: +61.3% | $655M

• Net Income: +$631 | $545M

• EPS diluted: +$3.03 | $2.61

  ---

Thanks and Happy Investing!

- EQUITIZE

The brand was created in 2003 by Greg Horn, and in 2017, John Fieldly started as the CEO of Celsius Holdings.

In 2025, Celsius, expanded their portfolio by acquiring Alani Nu and Rockstar Energy.

Celsius Holdings ($CELH) is one of the most promising stocks today. Trading at approximately US$28, Celsius is significantly undervalued, reflecting a substantial discount from its all-time highs. This company possesses enormous long-term potential, and I firmly believe it will become one of the world’s largest energy drink brands. For now, Celsius is at the beginning of this journey, and we are already beginning to see the exponential and accelerated growth the company will experience in future years.

Furthermore, Wall Street analysts consider the average price target for the next 12 months to be close to US$60, representing a substantial growth of 110.53%, doubling the investment in just one year. What we consider most important in all of this is the company’s potential over the next 5 to 6 years, a period in which the company will be more consolidated and stronger, and we will be able to take advantage of the growth until then.

Despite showing very good potential in the short/medium term, it is important not to assume analysts’ expectations are 100% correct.

Masterclass Marketing

Celsius marketing is, without a doubt, one of the most successful and well-developed works in recent years.

The brand adapted and established itself as a lifestyle product, and it did so with a fraction of the advertising budget that traditional brands like Red Bull or Monster could invest.

Instead of spending a lot of money on massive and expensive advertising, Celsius built an empire of fitness influencers, who recommended the drink to their followers, sometimes, even without any official paid partnerships. That’s how the brand became popular among younger age groups.

F1: Firstly, Celsius sponsored Ferrari through the 2025 season, then, the energy drink brand moved its Formula 1 sponsorship to the Aston Martin F1 Team starting in 2026. CELSIUS has entered into an exclusive multi-year global partnership with Aston Martin Aramco, becoming the team’s official global energy drink partner.

What makes this masterclass-worthy is the sequencing: grassroots credibility first, mainstream cultural relevance second, premium brand association third.

Most challenger brands try to skip straight to step three and end up looking like they bought their way into relevance. Celsius earned it.

Portfolio & Business

Celsius stopped being a "one-trick pony" some years ago. In 2026, the company now operates as a portfolio of three big energy brands.

- CELSIUS

The original brand, positioned within the fitness/functional consumer market, the one that built all the company’s credibility. Linked to the message “LIVE FIT”.

- Alani Nu

Acquired for $1.8 billion, it focuses on Gen Z and millennial women. Today, it is the group’s growth engine.

- Rockstar Energy

Created in 2001. It had a 10% market share of the global energy drink market in 2020, the third-highest after Red Bull and Monster Energy.

In 2020, the Rockstar brand and company were purchased by PepsiCo; in 2025, Celsius Holdings acquired the brand in the US and Canada.

Financial Results - 2026

Q1

This Q1 results of (Celsius Holdings) show exactly what exponential growth means.

-Revenue: +137,7% YoY
-Gross profit: +119,3%
-Income from operations: +167,1%
-Net income: +147%
-EPS: +120%

Q2

A quarter with some accounting “noise.” The core operation remains solid, with revenue exceeding $817 million and positive leverage, but the transition of distribution contracts cost $80.8 million in the short term, temporarily eliminating half of the reported net income.

- Revenue: +10.6% | $817M
- Cost of revenue: +18.4% | $424M
- Gross profit: +3.4% | $393M
- Income from operations: -47.4% | $75M
- Net income/shareholders: -57.5% | $36M
- Diluted EPS: -58% | $0.14

Cash Flow and Balance Sheet

Celsius Holdings maintains a very healthy financial position with total shareholder equity of approximately $3.0 billion and total assets of $5.2 billion against $2.2 billion in total liabilities.

The company generates strong operating cash flows, backed by roughly $0.54 billion in cash on hand, trading at a market cap of $7.11 billion nowadays.

Distribution - PepsiCo

PepsiCo holds 11%, 390,000 shares (Series B Convertible Preferred Stock), of Celsius Holdings and acts as the primary domestic distributor for Celsius, Alani Nu, and Rockstar Energy products across the USA and Canada.

PepsiCo holds board of director seats in Celsius Holdings. This strategic partnership between this two companies creates a strong financial and operational environment. When Celsius grows, PepsiCo directly benefits from it.

Therefore, PepsiCo, a giant with a huge infrastructure, will be encouraged to help Celsius grow and evolve into the next big energy drink company.

International Expansion

Celsius’s International expansion still has a long and exciting road ahead.

The International revenue grew 55% YoY, but is still small. $35.3 million in Q1 2026, compared to $747.3 million in the US during the same period. Less than 5% of the total business.

The European market is in the initial phase of expansion. Sales in countries such as Spain and Portugal have begun in Portugal. France, the United Kingdom, Ireland, the Netherlands, Belgium, Germany, and Luxembourg are also in the initial sales phase.

This indicates high potential growth for the long-term.

P/E, EV/EBITDA, P/FCF

P/E - 118.30x | Forward P/E - 18.52x : Muito Bom

EV/EBITDA - 37.28x | Forward EV/EBITDA - ~13-14x : Bom

P/FCF - ~25.8x : Médio

PEG (5yr expected) - 0.29 : Muito Bom

Investment Thesis

Celsius is in the best economic health phase since its start, however it is down 70.77% from its all-time high closing price of $96.11, which was achieved on March 13, 2024.

Celsius stopped being a single brand and has become a company with a very strong portfolio of businesses and bright long-term potential. The numbers continue to improve, despite this “weaker” quarter, and this growth trend will only continue to increase for several more years.

Today’s price of $28 per share sits well below the average analyst target. Whether that gap represents a margin of safety or a value trap depends almost entirely on one question:

• Will Celsius be able to transform its multi-brand portfolio into something lasting, resilient, and with strong long-term growth?

Target prices and purchase opinions:

Read more

Our Track Record

Since the beginning of 2026, our fundamental analysis philosophy has yielded excellent results, as highlighted by our top past picks and their approximate returns since inception:

• Micron Technology ($MU) | ~+180%

• Advanced Micro Devices ($AMD) | ~+116%

• Honest Company ($HNST) | ~+110%

• Cheesecake Factory (CAKE) | ~+103%

• Palo Alto Networks Inc ($PANW) | ~+102%

• Astera Labs ($ALAB) | ~+86%

*This is not financial advice*

WEEKLY WATCHLIST & PRICE TARGETS:

Read more

MP Materials ($MP) is an American company founded in 2017, headquartered in Las Vegas, Nevada. It operates in the rare earth mining, essential to make magnets of high performance.

These magnets are important components in technologies such as electric vehicles, wind turbines, defense systems, and much more.

The company owns the only large-scale rare earth mine in the United States, the Mountain Pass mine. This gives them a unique strategic position in the market.

The company owns the only large-scale rare earth mine in the United States, the Mountain Pass mine. This gives it a unique strategic position in the market.

Historically, most of the rare earth imaging market has been produced in China. Approximately 90% of global production is Chinese, a dependence that the United States increasingly considers a security and economic risk.

Recently, US President Donald Trump made a strong statement about the need to strengthen domestic magnet production, stating that anyone who entered this business would “make easy money.” This statement reflects the growing political and institutional support for the magnet production sector, visible, for example, in the direct investment of US$400 million made by the US Department of Defense in MP Materials, and in partnerships with other companies.

Company Overview

MP Materials divides its activities into two segments:

• Materials - extraction and processing of rare earth oxides in Mountain Pass.

• Magnetics - production of high performance magnets.

Historical Results

MP Materials ($MP) 2026 earnings results

A MP Materials showed a clear improvement between Q1 and Q2 of 2026. The significant increase in sales volumes is the most positive aspect in this results.

Q1 2026: 6.8 / 10

• Revenue: $90.65M (+49.1% YoY)

• Operating Costs: $157.04M (+64.3% YoY) - Pressed by ramp-up expenses.

• Net Loss: -$7.97M (+$14.68M vs Q1 2025)

• EPS: -$0.04 (vs -$0.14 last year)

Q2 2026: 7.2 / 10

• Revenue: $108.49M (+89.0% YoY) - 2x revenues

• Operating Costs: $158.10M (+56.1% YoY)

• Net Loss: -$20.30M (+$10.58M vs Q2 2025)

• EPS: -$0.11 (vs -$0.19 last year)

The investment thesis for MP Materials continues to advance in the right direction. The highlight is the Q2 results released on August 6th, where the company demonstrated real operational leverage (costs rising +56% with top-line growth of +89%).

Free Cash Flow

MP Materials has consistently generated negative free cash flow, a typical sign of a company undergoing intense capex expansion. Heavy capital allocated to their mining locations.

2024 FCF was -$173.07 million (operating cash flow of only $13.35 million, against high investments)

In the last 12 months (until Sept. 2025), FCF was -$230.0 million, with operating cash flow of -$78.4 million.

Debt and Liquidity

Very strong liquidity:

US$1.74 billion in cash, cash equivalents and short-term investments at the end of Q1 2026, versus long-term debt of approximately US$1.0 billion.

Current ratio of 7.18 and Debt/Equity of 0.44. Healthy numbers!

** Much of this liquidity comes not from the business, but from external financing, issuing $747.5 million in new shares and increasing total debt to almost $1 billion.

Buybacks

• The share buyback program was expanded to US$600 million in September 2024, valid until August 30, 2026.

Valuation

P/E Ratio | -111,80x (The company is not yet profitable nor does it generate positive EBITDA)

Enterprise Value | ~$9,34 mil milhões

EV/EBITDA | -198,09x (The company is not yet profitable nor does it generate positive EBITDA)

EV/Revenue | 40,14x (It’s the number that really matters here; it reflects that the market is paying for the future narrative.)

Price Targets & Buy Opinions

Read more

This past July, sentiment in the stock market was negative. After a strong rally, the S&P 500 and the NASDAQ failed to break through their new all-time highs, even though they came close.

And then came this new market correction.

The cause of this decline was clear: a sell-off in stocks related to Artificial Intelligence, exacerbated by a margin call on the “Situational Awareness” fund, which dragged down several leveraged positions in the sector. It was a moment of extremely high volatility and uncertainty.

From one moment to the next, the future of AI, which had driven much of the rally in recent months, was called into question, and investors, upon hearing this news, panicked.

But is this really cause for panic?

History shows that mild corrections following strong rallies are nothing new.

We’ve seen them many times before.

The 1929 Crash… Black Monday (1987)… The Dot-com Bubble (2000)… The 2008 Crisis… The Covid-19 Crash (2020)…

Historically, these corrections rarely mark the end of the growth trend—they merely delay it.

By this, I don’t mean to say that we’re facing a correction as aggressive and sharp as previous ones (far from it). However, several indicators point to an ongoing correction, and it’s likely that August won’t see significant returns.

What does this mean?

It means that, for long-term investors, August could be an excellent month to buy shares in outstanding companies at discounted prices.

It will be a month to stay calm and not confuse volatility with a collapse.

Historical data is very clear: those who sold in a panic during these corrections—1987, 2000, 2008, 2020, 2022—rarely came out ahead. Those who stuck to the right investment philosophy and took the opportunity to strengthen their positions were generally rewarded in the months and years that followed.

A “normal” correction remains healthy only if companies’ fundamentals remain intact. It is at times like these that Warren Buffett’s teachings make a difference, guiding us to ask the right questions when the market shakes.

Below are the key questions that guide this legendary investor’s decision-making during sharp declines:

Sentence 1 focuses on the company’s true value. The stock price has fallen on the stock market, but the company’s quality and profits remain exactly the same or even better.

Sentence 2 focuses on evaluating the company from a broader perspective.

Sentence 3 centers on the long-term view by ensuring that the product will remain essential several years from now.

Sentence 4 teaches us that we must have absolute conviction in the business, without doubting anything at all.

And finally, sentence 5 discusses protection against crises, where we should choose companies with pricing power and market dominance.

Applied to the current situation, these questions take on a very concrete and relevant meaning.

Take, for example, one of the AI giants that fell during the July sell-off. The question shouldn’t be “how much did the stock drop?”, but rather: “Do the data centers the company is building continue to generate demand?” “Are contracts with corporate clients still growing?” “Did the competitive advantage in models or infrastructure disappear overnight, or was it just market sentiment that changed?”

In virtually all cases of market corrections, what has changed is not the companies’ fundamentals or business models, but rather investors’ market sentiment.

P/E Ratio - S&P 500

The S&P 500 P/E ratio chart illustrates the trend very clearly. In recent years, this figure has hovered around 20x–25x, except in 2020 (the COVID-19 crisis), when it reached nearly 40x. This was followed by a normalization in 2022, with the P/E ratio settling near 20x.

Since then, the rise has been nearly constant, and today, in August 2026, it stands at 29.26x. This figure is considerably high compared to the average of previous years.

It is not the all-time high of 2020–21, but it is clearly in the upper range of the past decade. The market is, once again, paying a high premium for every dollar of earnings.

The real question is whether this premium is justified by future growth (AI, productivity) or whether it represents excessive optimism.

Weight of the Magnificent 7 in the S&P 500 (%)

This chart helps illustrate where much of the optimism is concentrated. The Magnificent 7 currently account for 34% of the S&P 500’s total market capitalization—more than one-third of the index concentrated in just seven companies, compared to the remaining 493 companies sharing the other 66%.

Here’s the most interesting data point, which contrasts with the weighting figures. The Mag7 continue to account for 51% of all S&P 500 earnings growth in the second quarter of 2026. This indicates that:

• The fundamentals and actual earnings remain robust. It’s not just hype.

Federal Reserve

Chairman Kevin Warsh, the new head of the Federal Reserve, decided on July 29 to keep interest rates between 3.50% and 3.75% for the fifth consecutive time—a surprising decision, as one-third of analysts had expected a rate hike rather than a hold. The market now believes the Fed may raise interest rates at two of its next three meetings, rather than cutting them.

The Fed’s hawkish stance reflects concerns that inflation will remain persistent. The still-strong labor market provides room for further rate hikes. Investors fear that prolonged high interest rates will hinder global economic growth.

This ultimately has various impacts on the economy, particularly on the stock market.

The S&P 500 and Nasdaq indices closed the day in negative territory.

The price of gold fell due to the higher opportunity cost.

Yields on 10-year Treasury bonds rose sharply.

Conclusion

If there is one word to sum up August 2026, that word would be “tension.”

A great deal of uncertainty and volatility.

A Fed that may not cut interest rates and a market that still needs it to do so.

The S&P 500 is expensive (P/E of 29.26×).

Tense geopolitics, a new Fed chair changing the predictability of policy, and a recent sell-off that has unsettled investors.

But none of this, on its own, is cause for panic. As mentioned earlier, history shows that corrections following strong rallies are normal.

I remain very bullish on 2026, and I believe there are currently incredible long-term investment opportunities available at discounted prices.

Thanks and Happy Investing!

- EQUITIZE

Our Track Record

Since the beginning of 2026, our fundamental analysis philosophy has yielded excellent results, as highlighted by our top past picks and their approximate returns since inception:

• Micron Technology ($MU) | ~+160%

• Advanced Micro Devices ($AMD) | ~+115%

• Cheesecake Factory (CAKE) | ~+92%

• Palo Alto Networks Inc ($PANW) | ~+85%

• Astera Labs ($ALAB) | ~+75%

*This is not financial advice*

Here are the top stocks that we believe are among the best long-term investments in today’s market and in which we plan to increase our positions this week:

Read more

As a global leader in ride-hailing and logistics, this company serves more than 202 million monthly active users through a network of 10 million drivers and delivery partners. Processing approximately 42 million rides and food deliveries daily, the platform has surpassed the milestone of 72 billion completed orders since its founding in 2010. In the fourth quarter of 2025, the company captured 29.9% of gross mobility booking revenue, as well as a 19.2% commission rate in its delivery division.

Uber’s business model is experiencing rapid growth, typically reporting quarterly increases in its active user base. Experts say this figure could continue to grow for several years to come.

UBER Mobility - ~$29.67 Billion

What it is: Ride-sharing and passenger transportation service.

Role in the business: Uber’s primary source of revenue and the segment with the highest profit margin. The main business!

UBER Delivery - ~$17.25 Billion

What it is: On-demand local delivery, the Uber Eats.

Role in the business: An another high-growth sector of the business.

UBER Freight - ~$5.10 Billion

What it is: A digital logistics platform.

Who it serves: Large industrial companies, wholesale distributors, and more.

Role in the market: Operates in the B2B segment.

Cash Flow - Uber (Q1 2026)

Uber is a cash-generating machine. In Q1 2026, operating cash flow was $2.4 billion and free cash flow was $2.3 billion.

Liquidity

Uber ended the quarter with approximately $6.1 billion in cash. Long-term debt stands at around $10.5 billion, remaining stable compared to the previous quarter.

Capital Priorities

In recent investor conference calls, management has been very clear about its priorities for allocating this capital:

• Disciplined reinvestment in growth

• Efficient investment in autonomous vehicles (AVs)

• M&A

*Free cash flow is the most reliable metric for assessing Uber’s “true health,” as it is not distorted by investment gains and losses that have destabilized net income, as we will see below.

Quarterly Earnings History

These are the results for the last three quarters, from Q3 2025 to Q1 2026. It’s important to examine these quarters to assess the health of the business and estimate future growth rates, accelerations, decelerations, strengths, weaknesses, and much more.

Q3 2025 - A quarter of solid revenue growth, up approximately +20.3%, but with signs of cost pressure, as operations and marketing weighed more heavily, with costs rising +22%, resulting in a slight but significant compression of the operating margin. The sharp jump in net income does not reflect an improvement in the business, but rather one-time gains on investments (equity method), possibly linked to partners such as Aurora, Didi, or the growing GRAB. Uber continues to grow, but this was a more “lukewarm” quarter from an operational standpoint.

Q4 2025 - A very strong quarter from an operational standpoint; the company demonstrated good leverage, it grew revenue without increasing costs as much, resulting in better operating margins. The sharp drop in net income is misleading: it is due to a base effect, since the previous year included an extraordinary tax benefit that did not recur. From a business perspective, it was a good, solid quarter, but one that fell short of high expectations.

Q1 2026 - The positive trend in operations continues, with good cost control relative to revenue growth, although the pace of revenue growth is beginning to show signs of a sharp and severe slowdown compared to previous quarters. As in Q4, net income falls sharply, but for reasons unrelated to the operating business or Uber’s core business.

Valuation and Competition

Current multiples:

Market Cap: ~$145 billion | Enterprise Value (EV): ~$151 billion | Price: ~$70

P/E (current): ~17–19x | P/E (forward): ~19–21x (For a company that dominates the global technology, mobility, and logistics market, a current P/E (Price-to-Earnings) ratio of ~17.5x is considered very cheap and healthy.)

EV/EBITDA: ~15–21x (High. However, as Uber grows rapidly and gains scale as a technology company, the context changes how investors view this figure.)

EV/FCF: ~14.8x (This may mean that the company generates a lot of cash relative to its total costs, suggesting that it may be a good deal or be undervalued.)

PEG ratio: 0.68 (A ratio below 1 suggests that the price may be attractive given expected growth.)

Competition

Bolt: Uber’s main direct rival in Europe, known for typically lower fares and slightly lower commissions for drivers.

Lyft: Uber’s biggest competitor in North America, which has also expanded its presence in the European market.

DoorDash: Uber’s biggest competitor in the food delivery and local commerce sector, with absolute dominance in the U.S. market.

Guidance and Sentiment

Following a strong Q1 2026, Uber’s guidance points to Gross Bookings growth of between 18% and 22%, and adjusted EPS growth of between 31% and 38%. These figures indicate continued momentum, not a slowdown.

The stock rose more than 8% on earnings day, reflecting investors’ confidence in the growth thesis. This is a strong signal: the market not only liked the numbers but also validated the long-term narrative.

Sentiment is very optimistic!

The consensus is clear: 45 of the 51 analyst recommendations are “bullish” (Buy/Outperform), with only 5 Hold and 1 Sell. The average price target is around $104, implying an upside of about 48% relative to the current price of ~$70.

Risks

• Timeline for autonomous vehicles

• Internal restructuring

• Bureaucracy in implementing innovations

• Q2 results are out this week, on August 5

Here are our target prices and buy recommendations:

Read more

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Como referido anteriormente, a SoFi, inicialmente, focava-se em fornecer empréstimos a estudantes, oferecendo taxas de juro mais baixas. Expandiu-se para novos horizontes no seu negócio e inovou muito sendo a primeira Fintech a receber uma licença bancária nos EUA e o primeiro banco americano a oferecer negociação de cryptomoedas e emitir sua própria moeda num blockchain público.

Produtos/Serviços

A SoFi atua como um banco de consumo online e possui uma plataforma complexa e eficiente de empréstimos.

• SoFi Invest - uma plataforma de investimento para os seus clientes

• Empréstimos - Empréstimos pessoais, empréstimos estudantis, empréstimos imobiliários e refinanciamento de empréstimos, a SoFi concedeu mais de US$ 6 bilhões em empréstimos, tornando-se uma das maiores plataformas de empréstimo online.

• Cartão de crédito SoFi - Oferece 2% de reembolso em dinheiro, sem taxa anual e com a marca Mastercard.

• Conta corrente e poupança SoFi - Oferece uma conta híbrida que junta serviços de conta corrente e de poupança num único lugar, destacando-se por taxas zero e rendimentos elevados.

• Criptomoedas - A SoFi permite comprar, vender e deter mais de 25 criptomoedas diretamente na sua aplicação bancária. A oferta inclui ativos relevantes como a Bitcoin, Ethereum e Solana, além da própria stablecoin SoFiUSD.

• Cash Coach (SoFi Relay) - Uma ferramenta gratuita de gestão financeira pessoal integrada na aplicação da SoFi que permite centralizar e monitorizar contas bancárias, cartões, investimentos e pontuações de crédito num único painel.

• SoFi Protect - O SoFi Protect é um produto de seguros.

• SoFi Pay - Um produto internacional de movimentação de dinheiro baseado na tecnologia Blockchain.

• Galileo - A plataforma Galileo da SoFi é um serviço fintech que ajuda empresas a oferecerem funcionalidades bancárias como pagamentos digitais, emissão de cartões e gestão de contas sem terem de construir os seus próprios sistemas. A plataforma fornece software de banca digital a vários bancos e marcas fintech nos EUA e na América Latina.

• SoFiUSD - Já referida anteriormente, é uma stablecoin emitida numa blockchain pública.

  

Atualidade

Depois de um período de grande dúvida sobre a sustentabilidade das Fintechs e o impacto do ambiente de taxas de juro altas no setor bancário digital, a SoFi Technologies ($SOFI) tem vindo a redefinir a narrativa sobre o que significa ser um banco moderno e verdadeiramente rentável na era digital.

Nos últimos anos, o mercado financeiro olhou para as Fintechs com algum ceticismo considerável. A SoFi, por exemplo, foi vista como apenas mais uma empresa de empréstimos estudantis disfarçada de plataforma tecnológica. Muitos investidores dentro do assunto perguntaram se a transição para um modelo bancário tradicional, com licença bancária, acabaria por afetar as margens de lucro da empresa e a colocaria exposta ao risco de incumprimento do crédito ao consumo.

Com todos os problemas que a SoFi enfrentou, muitos analistas duvidaram da capacidade da empresa de manter seu ritmo de crescimento sem comprometer a qualidade do seu balanço e do seu negócio. Essa incerteza fez com que a cotação da SoFi ficasse sob pressão e alimentou o descontentamento dos investidores mais céticos. Esses investidores questionavam a capacidade da SoFi de diversificar as suas fontes de receita e atingir uma rentabilidade consistente.

No entanto, a SoFi não só provou a resiliência do seu ecossistema como respondeu diretamente a essas dúvidas através dos seus últimos resultados trimestrais.

O CEO da SoFi, Anthony Noto, um gestor com um historial impressionante, tem sido decisivo ao defender a força do “Financial Services Productivity Loop” (o ciclo de produtividade dos serviços financeiros da empresa).

A SoFi já provou que vai muito além de um produto único. A forma como transitou com sucesso para depósitos de alta qualidade, o ritmo acelerado da sua plataforma tecnológica (com a Galileo e a Technisys) e o crescimento nos serviços financeiros, (contas, poupanças, investimentos e cartões) mostram exatamente isso. No fundo, a aposta em criar uma super-app financeira completa compensou: garante a retenção dos clientes a um custo de aquisição muito mais baixo do que o dos bancos tradicionais, transformando qualquer ceticismo inicial em capacidade de execução.

Análise de Resultados do Q2

Os Resultados deste trimestre saíram dia 29 de julho e na minha opinião foram resultados muito fortes e sólidos. Por isso avaliei com um 9.2/10.

A SoFi entregou um trimestre muito positivo, apresentando resultados que superaram as expectativas de Wall Street e mostraram o quão forte este negócio está se a tornar.

• Receita Líquida Total: US$ 1,22 mil milhões (+42,5% YoY)

• Receita Líquida de Juros: US$ 788 milhões (+52,2% YoY)

• Lucro Líquido: US$ 156,6 milhões (+61% YoY)

• Lucro Por Ação (LPA) Diluído: US$ 0,12 (+50% YoY)

A receita líquida total subiu +42,5% para US$ 1,22 bi, com a receita líquida de juros crescendo uns impressionantes +52,2% (US$ 788 mi). Graças à alavancagem operacional e à atração contínua de depósitos, o lucro líquido saltou +61% para US$ 156,6 mi, resultando em um LPA diluído de US$ 0,12 (+50% ao ano). Mais uma vez, uma demonstração clara de que a escala da fintech está se traduzindo em uma rentabilidade real e bastante acelerada.

Futuro

O Longo prazo da SoFi assenta na sua evolução para uma gigante bancária online inovadora, diversificada e muito rentável. Para isto, a equipa de gestão impôs objetivos e abordou pontos que procurará atingir no futuro:

• A empresa quer que cada membro use vários dos seus produtos (conta, investimentos, cartões e empréstimos).

• Pretende atrair mais depósitos diretos dos seus membros, para garantir uma fonte de financiamento muito mais barata para as suas operações.

• Quer diversificar as fontes de rendimento, dependendo cada vez menos dos juros de empréstimos e apostando em comissões e subscrições.

• Através da plataforma Galileo, a SoFi quer vender a sua própria infraestrutura tecnológica a outros bancos e fintechs, criando uma receita recorrente e previsível de software.

• Pretende, também, originar empréstimos para vender diretamente a investidores institucionais, gerando comissões sem acumular risco no seu balanço.

• Integrar novas ferramentas de Inteligência Artificial para personalizar a gestão financeira dos utilizadores e reduzir custos operacionais.

Para que este crescimento continue sustentável, a empresa terá apenas de gerir com cuidado as taxas de incumprimento e o impacto do novo ciclo de taxas de juro nas suas margens.

Importante! - A base de clientes atual da SoFi é o grande motivo que fundamenta a minha visão otimista para o futuro da companhia. O foco principal da plataforma está na população jovem e nos estudante, utilizadores que, no presente, ainda dispõem de capital reduzido. Contudo, se a empresa for capaz de fidelizar este público ao longo do tempo, à medida que progridem financeiramente, passarão a transacionar, investir e movimentar volumes substancialmente maiores no ecossistema da SoFi. Este ciclo de crescimento dos próprios utilizadores alavancará diretamente os resultados do negócio a longo prazo e tornará a SoFi como uma potencial gigante bancária.

Os grandes bancos tradicionais americanos que tenham cuidado, porque a SoFi está a ganhar terreno a toda a velocidade!

No mercado…

Considerámos que a se encontra a um preço bastante interessante a $16 por ação, e poderá ser um excelente investimento a longo prazo.

Aqui os nossos preços-alvo e opiniões de compra:

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“Be fearful when others are greedy, and be greedy when others are fearful.” — Warren Buffett

This is one of the most iconic phrases in the investment world, and its fundamental meaning is simple yet profoundly valuable:

When an asset becomes a hype trend and excitement is everywhere, its price tends to inflate, and consequently, risks go up. On the other hand, when no one is paying attention to a great company or talking about a specific sector, that isn’t a bad sign—it’s actually fantastic news if it holds strong future potential. It’s precisely in these overlooked situations that the best investment opportunities and most attractive prices emerge.

This investing mindset strictly requires patience and a focus on long-term prosperity.

It’s easy to agree with this philosophy during a bull market, but putting it into practice when everything is in the red demands tremendous emotional discipline and conviction. The recent wave of volatility caught many investors off guard, triggering panic selling and impulsive decisions. However, looking past the noise of the short term, we can easily find several exceptional long-term investment opportunities today.

Our Only Certainty

If the short term is a game of luck and chance, where does our edge lie?

It lies in a single, fundamental certainty: in the long run, the stock market is a filter that reflects the growth of a company’s intrinsic value, sustained by economic performance.

It’s important to keep in mind:

• What will the market do in the next few days? Nobody knows.

• What will the market do in the coming weeks? Nobody knows.

• What will the market do over the next 1 to 3 months? Nobody knows.

The market is uncertain and unpredictable; short-term concerns are irrelevant to anyone truly looking to build the future. Those who build it focus on the long term, through research, study, and financial projections of incredible companies.

Today’s Market Sentiment

To prove the validity of Warren Buffett’s statement, let’s look at a practical example from today’s market. As you can see in the chart above, the Fear & Greed Index currently sits at 38 points, placing it clearly in the Fear zone.

What does this mean in practice? It means the majority of investors are hesitant and reluctant to take on risk. However, it is precisely in this climate of caution and pessimism that the best opportunities emerge.

This contrast perfectly illustrates the emotional volatility of most investors. A year ago, when prices were high and optimism was widespread, everyone wanted to buy. And what happened two months later? The market underwent a minor correction, and the “crowd” locked in losses by selling in a panic. Those with a clear mindset were able to anticipate this, positioning themselves properly to weather the downturns.

In 2022, we saw this exact same dynamic play out: a prolonged period of uncertainty and “Extreme Fear” pushed much of the retail market away. Yet, those who had the discipline and foresight to keep investing during those moments of widespread pessimism ended up capturing the biggest returns in the years that followed. These were life-changing returns!

Today, with the index sitting in fear and stocks trading at significantly more attractive prices, the majority pulls back out of fear. Based on the past and general investor sentiment, everything points to this being a great time to buy shares.

Given this scenario, the question that truly matters isn’t “when will the market stop falling?”, but rather “which high-quality businesses is the market putting on sale?”

Long-term thinking

At EQUITIZE, we took advantage of this period of fear to filter the market and select the companies with the strongest balance sheets, robust cash flow generation, and durable competitive advantages.

And remember: in financial markets, patience and discipline pay far higher dividends than trying to time the market perfectly. Great investors aren’t those who avoid market drops, but rather those who know exactly what to do when they happen.

We have so much to learn from Warren Buffett and his timeless perspective on the market.

When he teaches us to be “greedy when others are fearful, and fearful when others are greedy,” he isn’t just giving us an investment tip—he is giving us the formula to maintain sanity and discipline in a world driven by emotion. Ignoring the crowd takes courage today, but it is precisely that courage that builds the greatest returns of the future.

Thank you, and Happy Investing!

- EQUITIZE

Our Track Record

Since the beginning of 2026, our fundamental analysis philosophy has translated into excellent results, highlighted by our top previous picks and their approximate returns since inception:

• Micron Technology ($MU) | ~+190%

• Advanced Micro Devices ($AMD) | ~+133%

• Palo Alto Networks Inc ($PANW) | ~+80%

• Astera Labs ($ALAB) | ~+62%

• Cheesecake Factory (CAKE) | ~+60%

*Not Financial Advise*

Here are the main stocks we consider to be among the best long-term investments in the current market and in which we are looking to increase our positions this week:

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