What was not to like with Netflix, right. Luke Lucas This is just like a high bar that's been set by Wall Street, and the company did really well. Yeah, I think you you nailed it with the high bar.Look, this. There was nothing in the results to dislike. It's not like they.They beat on any metric by some huge amount, but they beat on everything. I think it's just. It's a stock that has doubled over the last year. It's a stock that had been up by 40 to 50% so far this year.And it's even though it is now the m ...

Financial Metrics & Outlook - Netflix's operating margin is forecasted at 29% [1] - The company aims to be judged by normal financial metrics [4] - Focus shifts to content spending, efficiency improvements, cash flow, and earnings in place of subscriber numbers [5] Subscriber & Engagement Analysis - Netflix will no longer report subscriber numbers [1] - Engagement, especially with a strong second-half lineup, will be a key metric [1] - Subscriber growth in the US is largely saturated [5] Ad Revenue & Strategy - Netflix is focused on growing ad revenue on its platform [3] - The company is embracing live events like sports to boost the ad business [3] - Netflix is exploring ad-supported tiers, potentially generating more revenue per user than higher-priced, ad-free tiers if viewership is high enough [9] Competition - Competition from newer entrants like YouTube and TikTok is a point of interest [6] Stock Performance - Netflix's stock is up 41% year-to-date in 2025 [4] - There are questions about whether current expectations are already priced into the stock [4]

Age-Based Communication Technology - Roblox is innovating on safety and stability with age-based communication, especially for teens aged 13-17, focusing on trusted connections and age estimation [1][2] - The technology aims to enable freer communication among teens while still monitoring for critical harms, preventing them from migrating to less moderated platforms [2] - AI is used for age estimation, with conservative leaning to enable freer, yet monitored communication [3][4] - Historically, moderation has always been a foundation, including AI and human moderation, and age estimation is used to slightly free up communication [5] Game Performance and User Engagement - "Grow a Garden" had over 20 million concurrent players, believed to be a record for any game in history [8][10][11] - The new technology allows validated trusted connections to communicate more freely within games like "Grow a Garden," enhancing user experience [8][9] - Roblox had over 30 million people playing at the same time across all games [10] Infrastructure and Scalability - Roblox builds its own data centers for better performance, reliability, and cost [12] - Roblox partners with Azure, Amazon, NWC, and GCP to burst into their cloud at peak times [13] Safety and Future Strategy - Roblox prioritizes safety and civility and believes age estimation is the future of communication on social platforms, especially for teens [14][15] - Roblox aims to capture 10% of the market by focusing on safety and technological capabilities [14] - Roblox is proactively addressing safety concerns for the 13-17 age segment, viewing it as equally important as other age groups [16]

Investment & Growth Strategy - The company secured investment from Blackstone, an infrastructure investor, to enhance growth optionality [2] - Warburg Pincus remains interested in further growth with the company after seven years [3] - The company aims to consolidate its market position through mergers and acquisitions to scale up and become a market leader in Asia [4] - Stone Peak provided a solution aligned with the company's objectives, positioning it to capture growth in Asia [4] Market Expansion & Customer Focus - The company prioritizes partners with a proven execution track record and deep capital resources, aligning with the needs of large hyperscalers [7] - The company plans to deepen its presence in existing markets like Japan and India, while also expanding into new markets such as Australia and South Korea [8] - The company aims to be a trusted partner for U S hyperscalers expanding in Asia [9] Supply Chain & Cost Management - The company has secured its supply chain for the next couple of years [10] - A significant portion of the company's supply chain manufacturing is located in Asia, providing a cost advantage [10] - The company is not currently experiencing cost pressures and sees opportunities to build large-scale data centers near sources of excess power at reasonable costs [11] Future Prospects - The company is considering an IPO or a trade sale [12] - The company aims to consolidate the market through acquisitions in the next 3 to 4 years to achieve a larger scale before potentially going public [13]

Partnership & Investment - Uber has invested several hundred million dollars in Nuro, holding a standard equity stake, indicating strong confidence in the partnership and program [2][3] - Lucid is receiving a $300 million investment from Uber [1][2] Technology & Product - Nuro's driver hardware component (sensor and compute) is being integrated into Lucid's vehicles on the production line [1] - Nuro's technology stack, including a sensor suite designed by Nuro using automotive-grade off-the-shelf sensing, is being integrated into Lucid vehicles [11] - Nuro has shifted its focus from vertically integrated delivery services to licensing its AI-driven self-driving technology for passenger transportation [13][14] - NVIDIA's SOC (System on a Chip) powers the compute for Nuro's Robotaxi platform, simplifying compute and reducing costs [6][7][8] Production & Deployment - Lucid is expected to manufacture 20,000 Gravity SUVs for Uber over a six-year period, starting in late 2026 [9] - Nuro has been operating fully driverless vehicles on public roads for over five years [10] - Nuro achieved rapid prototype development with the Lucid platform, completing the first prototype in approximately seven weeks [11]

Crypto Legislation & Regulation - The US House of Representatives is set to vote on three bills: the Genius Act (regulating Stablecoins), the Clarity Act (market structure legislation), and a bill on central bank digital currencies [3] - The Genius Act is expected to be signed into law by the President, marking the first new federal regulatory framework for crypto in the US [3][4] - The industry views this legislation as a sign that crypto technology is here to stay and has the backing of the US government [4] - The Solana Policy Institute is satisfied with the Genius Act, believing it balances customer protections with the need for innovation and certainty for builders in the crypto space [12][13] - Market structure issues are still under debate, suggesting potential for future legislative adjustments [14] Impact on Traditional Finance - CEOs of major banks like JP Morgan, Bank of America, and Citigroup acknowledge the digital dollar and its potential threat to traditional banking [5] - These financial institutions are also exploring entering the stablecoin industry [6] - The legislation is expected to spur innovation across various sectors, benefiting the US economy [7] - Crypto rails, such as Solana, are seen as beneficial for recording transactions and facilitating timely global payments, potentially upgrading the existing financial system and lowering costs [7] Industry Perspective - The passage of this legislation is considered a significant milestone for crypto advocacy, representing a major step forward for the American financial services system [9][10] - The industry believes the legislation will benefit all Americans by modernizing the financial system [11]

You and I have talked about infrastructure so much, but I almost consider names like TSMC and ASML as being kind of soft data sets rather than kind of hard data sets. ASML gave us one signal and then TSMC gave us another. As somebody that looks at their exposure to this air supply chain.What did you make of it. Well, I think you really have to go up to kind of a higher order of capital expenditures, which is impacting so many different semiconductor stocks. If you look at the top four builders of infrastruc ...

Industry Focus & Partnerships - The drone delivery industry is focusing on public-private partnerships to leverage technology for national improvement, exemplified by work in Guyana with the government to utilize gas revenues for positive impact [1] - Telemedicine and drone delivery of medication are being implemented to reach indigenous communities, bringing back blood samples to regional hospitals [1] Technology & Innovation - Nvidia's technology is transformative in automating and monitoring drone operations, making them safer and more autonomous, which is crucial for cost-effectiveness when serving the next 1 billion people [3] - StarLink Mini is used to enable pilots to view weather and physical locations with low latency, previously only available for expensive military applications [6][7] - Drones are evolving from aerospace challenges to computer, software, and communication challenges [8] - Drones are capable of carrying 25 pounds (approximately 11.3 kilograms) this year, with expectations to increase to 250 pounds (approximately 113.4 kilograms) in the future [6] Autonomous Operation - StarLink and Nvidia technologies are integrated into drones for real-time processing, enabling autonomous and safe flight [4] - Edge computing is crucial, with physical silicon inside the drone for real-time processing [4] Competition & Strategy - The company acknowledges Zipline as a fantastic company but differentiates itself by balancing technology with human involvement in operations, especially in rural and indigenous areas [9][10][11] - The company emphasizes empowering and educating local people by involving them in drone operations [11]

Energy Demand & Infrastructure - Data center companies are exploring new energy sources, including nuclear, to power their operations [2] - The US needs to scale its energy infrastructure to support the computing infrastructure for AI, ensuring America's leadership in the field [3] - The pace of builds needed to ramp up power is in the gigawatts [4] - Hundreds of new nuclear reactors or other clean energy technologies may be needed to power data centers [5] - AI companies would purchase gigawatts of nuclear energy today if it were available [9] Nuclear Energy - Nuclear energy is well-suited for supporting AI and data centers due to its reliability, scalability, and small land footprint [8] - Nuclear energy is emissions-free, aligning with tech companies' clean energy commitments [8] - Nuclear construction needs to start now to meet the 2030-2035 timeline [9] - Nuclear operators estimate it will take until the end of the decade to come online [7] Regulatory Environment - The Nuclear Regulatory Commission is working on accelerating licensing [5] - Concerns exist regarding the Trump administration's efforts to reduce the regulator's independence [6]

Stablecoin Regulation & Market Impact - The Genius Act aims to establish a foundational regulatory framework for stablecoins, addressing collateral requirements, transparency, and accountability [1][2] - The industry anticipates wider adoption of USD-denominated digital tokens following the bill's passage, potentially leading to "dollarization" [3] - Increased stablecoin adoption, particularly those denominated in USD, is expected to strengthen the US dollar and the US economy [4] - The regulation of USD-denominated stablecoins could legitimize the broader cryptocurrency market [4] Cryptocurrency Market & Customer Adoption - The industry predicts a boost in prices for Bitcoin, Ethereum, and other cryptocurrencies denominated in USD [5] - Stablecoins are expected to serve as an accessible entry point for regular customers into the broader cryptocurrency market, facilitating wider crypto adoption [5]