Visa Inc. (NYSE:V) is one of the most widely held stocks by hedge funds in 2025. Visa Inc. (NYSE:V) announced on December 18 a significant milestone in the evolution of AI-powered commerce, reporting the successful completion of hundreds of secure, agent-initiated transactions in collaboration with partners across the ecosystem. Management stated that the breakthrough points towards 2025 being the final year where consumers shop and checkout alone, with AI agent-driven payments experiencing a rapid transit ...

Skyfire's KYAPay protocol verifies to both the consumer and the merchant that the AI agent is acting on behalf of a real, authorized user, enabling merchants to confidently accept actions initiated by non-human actors. Share SAN FRANCISCO--(BUSINESS WIRE)--Skyfire today announced a fully functional prototype of an AI agent securely completing consumer purchases end-to-end, enabled by verified agent identity and agentic payment infrastructure in a controlled environment. The demo illustrates an AI agent auto ...

Fund Overview - Circle Ventures launches the Arc Builders Fund to support early-stage teams building real-world financial apps and services on Arc [1] - The fund aims to accelerate innovation by backing projects that benefit from Arc's design [1] - Arc's mission is to power the new internet economy with open, composable, enterprise-grade infrastructure [1] Focus Areas - Onchain markets with low-latency architecture are a key area of focus [3] - RWA (Real World Assets) and private credit markets built on private, composable rails are targeted [3] - Onchain FX flows with Circle StableFX and Circle Payments Network are of interest [3] - Agentic commerce for autonomous systems and machine economies is a focus [3] - Energy and compute protocols powered by deterministic settlement are included [3] Important Notice - The Arc Builders Fund is a Circle Ventures corporate initiative, not a fund or vehicle being formed [2] - Circle Ventures is not an investment adviser or broker-dealer [2] - Investor Network members make independent decisions [2]

5/Agentic commerce doesn’t fail because agents are malicious.It fails when software can move value without a clear chain of responsibility.That’s exactly what @PolyhedraZK is building: Verifiable identity and accountability for autonomous agents operating at scale. ...

Wix merchants will be among the first to have a simple and seamless experience to leverage the potential of agentic commerce via Stripe’s Agentic Commerce Suite NEW YORK -- Today Wix.com Ltd. (NASDAQ: WIX), a leading global platform for creating, managing, and growing a complete digital presence, announced its integration with Stripe’s new Agentic Commerce Suite, making it even easier for Wix merchants to tap into the growing world of agentic commerce. Through this integration, businesses on Wix will be abl ...

Shopify (NYSE:SHOP) FY Conference December 09, 2025 07:00 PM ET Company ParticipantsKeith Weiss - Managing DirectorJeff Hoffmeister - CFOKeith WeissAll right, so we'll get kicked off here. Thank you, everyone, for joining us. My name is Keith Weiss. I run the US Software Equity Research Franchise here at Morgan Stanley, and I'm very pleased to have with us from Shopify CFO Jeff Hoffmeister. Jeff, thank you for joining us.Jeff HoffmeisterGreat, of course. Good to see you, Keith.Keith WeissSo, it's a super ex ...

Summary of Etsy Conference Call - December 09, 2025 Company Overview - **Company**: Etsy (NasdaqGS:ETSY) - **Industry**: Digital Commerce, E-commerce Marketplace - **Focus**: Unique and handmade goods Key Points and Arguments Leadership Transition - Josh Silverman, CEO since 2017, will transition to Executive Chair at the end of the year, with Kruti Patel Goyal taking over as CEO in January 2026 [6][7] - The board unanimously believes Kruti is the right candidate for CEO, having demonstrated strong performance and leadership [6][7] Historical Performance and Growth - In 2017, Etsy had $2.5 billion in gross merchandise sales (GMS) and $200 million in revenue, operating at break-even [9] - Under Josh's leadership, Etsy's GMS grew to $10 billion, with revenue increasing significantly and achieving approximately $750 million in free cash flow last year [10] - The pandemic accelerated growth, but the company has faced challenges in maintaining that growth post-pandemic [12] Future Growth Strategies - Kruti emphasized the need to adapt to changing consumer expectations, focusing on a more engaging shopping experience rather than just efficient transactions [14][15] - Key priorities for growth include being present where shoppers discover products, ensuring relevance in inventory, fostering customer loyalty, and highlighting the human aspect of Etsy's marketplace [16][18] Technology and Personalization - Etsy is investing in machine learning and large language models (LLMs) to enhance search and recommendation systems, improving user engagement and conversion rates [19][20] - Personalized content in marketing channels has increased to 80%, leading to significant improvements in GMS [23] Agentic Shopping and AI Integration - Josh highlighted the potential of agentic shopping, which could enhance Etsy's visibility and drive incremental visits and commerce [24][25] - Etsy aims to leverage its unique inventory to differentiate itself from competitors in the agentic shopping landscape [32][33] Depop Acquisition and Market Position - Depop, a secondhand apparel marketplace, is experiencing rapid growth, with a 60% year-over-year increase in GMS [45] - Etsy is investing in marketing to increase awareness of Depop, viewing it as a potential significant growth driver [39] Conclusion - The leadership transition and strategic focus on enhancing user experience, leveraging technology, and expanding market presence are critical for Etsy's future growth [46]

Summary of Affirm's Conference Call Company Overview - **Company**: Affirm - **Industry**: Financial Technology (FinTech), specifically focused on consumer credit and installment loans Key Points and Arguments Holiday Trends - Affirm's holiday season performance is strong, particularly in the 0% loan segment, which has seen significant growth, especially among younger consumers prioritizing experiential transactions [4][14] Growth Metrics - Affirm reported a **42% growth in Gross Merchandise Volume (GMV)** last quarter, with the Affirm Card contributing significantly to this growth [5][6] - The Affirm Card accounted for **15 points of growth**, representing about **one-third of total growth** [6][7] - The number of users for the Affirm Card increased by **500,000 quarter-over-quarter**, with a **12% attach rate** [10] 0% Loan Strategy - The 0% loan product has grown **74% year-over-year**, with the number of merchants funding these loans tripling to **40,000** [14] - Affirm emphasizes that 0% loans serve as a powerful marketing tool for merchants, offering a more cost-effective alternative to discounts [15][19] Risk Management and Credit Stress - Affirm can manage credit outcomes effectively, stating that a **50% increase in credit stress** would only lead to a **10% reduction in GMV** [49][50] - The company maintains that it can control credit loss through various levers, such as adjusting underwriting criteria [51] International Expansion - Affirm is optimistic about its international business, particularly in the UK with Shopify, although it acknowledges that it is still early in the process [30][31] Funding and Capital Markets - Affirm had a strong quarter in capital markets, pricing its latest ABS deal at the lowest average yield since 2022, indicating robust demand for its assets [38][41] - The company is focused on maintaining a diverse funding strategy to avoid over-reliance on any single channel [23][24] Margins and Profitability - Affirm has exceeded its adjusted operating margin outlook, with **incremental margins** showing strong performance, sometimes exceeding **100%** [34][35] - The company is committed to investing in growth while also focusing on improving GAAP profitability [36][37] Future Outlook - Affirm is exploring the potential for a broader banking experience but remains focused on its core credit products due to significant growth opportunities [55][56] - The company anticipates participating in the emerging trend of agentic commerce, which could enhance its market presence [58] Additional Important Insights - Affirm's approach to underwriting and credit management is designed to ensure consistent and repeatable credit outcomes, which is crucial for maintaining investor confidence [39][40] - The company is aware of the challenges in consumer banking and is open to addressing them in the future, but current priorities lie in enhancing its existing product offerings [57]

Summary of Walmart's 2025 Conference Call Company Overview - **Company**: Walmart (NYSE: WMT) - **Event**: Morgan Stanley Retail and Consumer Conference - **Date**: December 02, 2025 Key Points Industry Insights - **Consumer Behavior**: Consumers are prioritizing necessities over discretionary spending, indicating a shift in purchasing patterns due to economic pressures [4][38] - **E-commerce Growth**: Walmart's e-commerce business has become profitable, driven by significant investments in supply chain and technology [12][13] Financial Performance - **Operating Income Guidance**: Walmart expects operating income growth of 3.5-5.5% for the year, with adjustments for anomalies like Leap Day and Vizio costs indicating a normalized growth of 5-7% [36][37] - **Delivery Cost Reduction**: Walmart has reduced delivery costs by 50% over the last two years, enhancing profitability in e-commerce [12][13] Strategic Initiatives - **Management Transition**: The transition from Doug to John is seen as a continuation of Walmart's existing strategy rather than a pivot, with a focus on servant leadership and alignment within the management team [7][9] - **Technological Advancements**: Walmart is investing in AI and agentic commerce to enhance customer shopping experiences, indicating a commitment to innovation [10][11][19][20] Market Positioning - **Targeting Affluent Customers**: Walmart is successfully attracting upper-income demographics, as evidenced by the popularity of higher-end products like AirPods [3][4] - **Membership Growth**: Walmart+ is positioned as a critical membership offering, with plans to enhance its value proposition through additional services and partnerships [27][28] Supply Chain and Automation - **Supply Chain Investments**: Walmart has made substantial investments in supply chain automation, which is expected to yield long-term benefits and lower costs [12][13] - **Densification Strategy**: The company is focusing on delivering to multiple households in a single trip, optimizing delivery efficiency [22][23] International Markets - **Growth in China and India**: Walmart's operations in China and India are highlighted as key growth areas, with significant digital and physical market presence [52][53] Alternative Revenue Streams - **Retail Media and Advertising**: Walmart's advertising segment is growing, with expectations that agentic commerce will enhance ad relevance and effectiveness [30][31][32] - **Marketplace Expansion**: Walmart's marketplace is expanding, with a current offering of approximately 500 million items, aimed at attracting a broader customer base [26] Consumer Health and Economic Outlook - **Inflation Impact**: Walmart is monitoring inflation and its effects on consumer spending, particularly in lower-income demographics [38][39] - **Strategic Pricing**: The company is adopting a proactive pricing strategy to mitigate the impact of tariffs and maintain its reputation for low prices [43][44] Sam's Club Performance - **Technological Edge**: Sam's Club is leveraging technology like the Scan & Go app to enhance customer experience and drive membership growth [48][49] - **Membership Model**: The membership model at Sam's Club is primarily driven by membership fees, with additional revenue from delivery services [51] Conclusion - **Future Outlook**: Walmart is optimistic about its growth trajectory, emphasizing the importance of supply chain automation, digital capabilities, and customer-centric strategies as it moves into 2026 [37][56]

Core Insights - PayPal Holdings' stock has decreased by 27.5% year-to-date due to macroeconomic uncertainties, increased competition, and tariff-related challenges in Asia [1][7] - Competitors like Visa and Mastercard have seen stock gains of 5.7% and 3.5% respectively, intensifying pressure on PayPal's market position [1] Strategic Transformation - PayPal is evolving from a payments company to a comprehensive commerce platform, introducing tools like "PayPal Ads Manager" and "PayPal links" to enhance user engagement and revenue generation for small businesses [3][4] - The launch of "PayPal World" integrates multiple payment systems and digital wallets, expanding access for merchants and consumers [3] Growth Drivers - Venmo is a key growth driver, with Q3 2025 revenues increasing by 20% year-over-year and total payment volume (TPV) growing by 14% [8] - Branded experiences also contribute to growth, with TPV increasing by 8% on a currency-neutral basis in Q3 2025, outpacing online-only branded checkout TPV growth [9] Valuation and Estimates - PayPal shares are currently trading at a low valuation, with a forward 12-month P/E of 10.62X compared to the industry average of 20.25X and competitors like Visa and Mastercard [10] - Positive estimate revisions indicate expected earnings growth, with 2025 earnings projected at $5.34 per share, reflecting a 14.8% increase over 2024 [11] Long-term Opportunities - The company is focusing on four key growth areas: enhancing checkout experiences, scaling Venmo, improving payment services profitability, and investing in AI and stablecoins [13] - PayPal's scale, with over $458.1 billion in quarterly TPV, provides resilience and strengthens its long-term investment case [14]