Core Insights - Sands Capital Select Growth Strategy reported a portfolio return of 6.3% in Q3 2025, underperforming the benchmark's 10.5% gain, driven by strong corporate earnings and AI enthusiasm [1] Company Overview: Netflix, Inc. - Netflix, Inc. (NASDAQ:NFLX) is recognized as the world's largest producer and distributor of streaming video content, with a market capitalization of $449.749 billion as of November 26, 2025 [2][3] - The stock experienced a one-month return of -3.55% but gained 20.98% over the last 52 weeks [2] Financial Performance and Guidance - Netflix raised its full-year revenue guidance by $700 million, attributing this to stronger subscriber growth, improved ad performance, and a weaker U.S. dollar [3] - The company also increased its operating margin guidance by 1 percentage point to 30%, indicating a slowdown in margin expansion for the second half of 2025 compared to previous periods [3] Market Position and Investor Sentiment - Netflix ranked 14th among the 30 Most Popular Stocks Among Hedge Funds, with 133 hedge fund portfolios holding its stock at the end of Q2 2025, down from 150 in the previous quarter [4] - While Netflix is acknowledged for its potential, there is a belief that certain AI stocks may offer greater upside potential with less downside risk [4]