Core Thesis - eBay Inc. is undergoing a transformation from a legacy auction platform to a high-growth, AI-enhanced marketplace, with significant revenue growth and strategic initiatives in place [2][3][5] Financial Performance - eBay reported Q3 2025 revenue growth of 9% to $2.8 billion, with a 10% increase in GMV to $20 billion and a 25% growth in ad revenue to $525 million [2] - The company's trailing and forward P/E ratios are 18.34 and 13.97 respectively, indicating potential for re-rating compared to peers [1][5] Strategic Initiatives - Key drivers of growth include vertical expansion in Motors, Collectibles, Luxury, and refurbished tech, along with trust-enhancing programs like Secure Purchase and Authenticity Guarantee [3][4] - The integration of AI tools is improving conversion rates and basket sizes, while partnerships with OpenAI position eBay as a pioneer in autonomous e-commerce [3][5] Market Position and Growth Potential - eBay's Motors segment, bolstered by the Caramel acquisition, facilitates full end-to-end transactions, enhancing user engagement [4] - The company is trading at approximately 15x forward EPS, compared to peers at 20-25x, suggesting significant upside potential [5] - With over $2.5-3 billion in annual free cash flow, aggressive buybacks, and consistent dividends, eBay is positioned for stable growth [5] Future Outlook - Multiple catalysts such as AI adoption, ad growth, Motors expansion, and enhanced merchant tools could lead to a 30-50% upside from 2025 to 2028 [5]

Core Insights - Ssense has successfully retained control of its operations following a court ruling that allows the current management team to oversee a restructuring plan [1][3] - The company filed for bankruptcy protection and is in conflict with creditors who sought to sell the retailer, but the Atallah family is pursuing a restructuring strategy [2][5] Financial Overview - Ssense reported sales of $1.3 billion last year, with $1.23 billion generated from online sales, and has a current debt of $371 million [5] - The company received $40 million in interim financing, consisting of $15 million from banks and $25 million from the Atallah family, to support ongoing operations [4] Restructuring Process - Ernst & Young Inc. has been appointed as the monitor for the restructuring process, ensuring transparency and accountability [3] - Claims against Ssense for amounts owed prior to August 29 will be processed through a court-approved claims process, while payments for goods and services provided after that date will continue as normal [4] Market Challenges - The high-end retail market has shown signs of strain, impacting Ssense's operations, which has led to layoffs of over 100 employees and significant discounting practices [6] - The elimination of the de minimus exemption for goods under $800 shipping to the U.S. has adversely affected Ssense, which has a customer base of 59% in the U.S. and an average order size of $549 [6] Company Background - Founded in 2003 by the Atallah brothers, Ssense primarily operates as an e-commerce business targeting consumers aged 18 to 40 and employs 1,161 people globally [7]