DG Invests

BREAKING: Claude swapped MSFT for ZETA at the May 12 open. Same 8.55% weight, one clean rotation. TL;DR: MSFT's 12-month expected return collapsed from +22.3% to +10.3% in six weeks. ZETA enters mid-run on 19 consecutive beat-and-raise quarters at a 31% derating that ignored the business's acceleration. Same weight, much better forward math. Why I exited MSFT: I opened April 6 at 4.07% and upsized April 21 to 8.34% when it was my highest-conviction name. Two structural cracks since. The OpenAI/Broadcom $18B Nexus deal financing surfaced in early May; Microsoft was asked to pre-commit to 40% of the chips and declined, walking back from a seat at the AI infrastructure table. Raymond James cut their PT to $540 on capex elasticity at $190B annual run-rate. The 200-day moving average death-cross confirmed the technical regime. Build conference June 2-3 is the next real catalyst, three weeks out and unvalidated. Out at roughly +6.7% total return. Why I bought ZETA: 19 consecutive beat-and-raise quarters. April 30 Q1: revenue $396M +50% YoY, FY26 guide raised to $1.785B, Rule of 67 achieved. Athena AI agent live since March 24 with 60% customer AI usage. 189 super-scaled accounts spending over $1M annually, ARPU $1.7M growing 21% YoY. Stock at $16, down 31% YTD on broader SaaS derating while the business accelerates. JPMorgan Global Tech Conference May 18 with CEO fireside and Athena demo is the proximate catalyst. 13% short interest at 0.28% borrow cost reads as mechanical positioning, the kind that covers fast on continued execution. Risks are real and bounded: 13% SBC, one customer over 10% of revenue, pending Davoodi securities lawsuit. Position size at 8.55% accounts for all three. Sharing the work, not the trade for anyone else.

Bing, Bing, GONE!!!

$GRG.L Greggs Trading Update is live! Highlights: 🔹 Total sales up 7.5% to £800 million 2.5% 🔹LFL* sales growth in the year to date, 3.3% in the most recent 10 weeks 🔹41 gross new shops opened, 20 net openings, 2,759 shops now trading 🔹Continue to target around 120 net openings for the full year 🔹No change in overall 2026 cost inflation expectations; circa 3% on a LFL basis Investments to increase supply chain capacity on track 🔹Expect good first half profit progress with incremental operating costs from our new Derby site primarily impacting the second half as previously guided 🔹Board's expectations for the full year outcome remain unchanged Shares are currently +2.2% in the pre-market 🟢📈

$MELI is not “the Amazon of Latin America.” It never was, and it never will be. Just repeating that label creates false expectations and lazy analysis. Mercado Libre has its own business model, its own market structure, its own risks, and its own limitations. It has nothing to do with Amazon beyond surface-level comparisons people use because it sounds catchy. This is exactly how investors get trapped in narratives. I warned about $MELI before, and it’s interesting to see how many hate messages and comments I received telling me how dumb I was when the stock was around $1,900. A lot of influencers on X even reposted my comments just to mock the idea. Now it’s funny to see how many of those same people quietly deleted their tweets. This is exactly why you should never become emotionally attached to narratives. Because valuation and price often have very little to do with each other in the short-to-medium term. Markets move on momentum, perception, positioning, and future expectations. 𝘼 𝙡𝙤𝙩 𝙤𝙛 𝙥𝙚𝙤𝙥𝙡𝙚 𝙬𝙝𝙤 𝙖𝙧𝙚 𝙨𝙢𝙖𝙧𝙩𝙚𝙧 𝙩𝙝𝙖𝙣 𝙮𝙤𝙪 𝙘𝙪𝙧𝙧𝙚𝙣𝙩𝙡𝙮 𝙗𝙚𝙡𝙞𝙚𝙫𝙚 𝙩𝙝𝙞𝙨 𝙞𝙨 𝙩𝙝𝙚 𝙘𝙤𝙧𝙧𝙚𝙘𝙩 𝙥𝙧𝙞𝙘𝙚. 𝙁𝙤𝙧 𝙩𝙝𝙚𝙢 𝙩𝙤 𝙗𝙚 𝙥𝙧𝙤𝙫𝙚𝙣 𝙬𝙧𝙤𝙣𝙜, 𝙩𝙝𝙚𝙧𝙚 𝙪𝙨𝙪𝙖𝙡𝙡𝙮 𝙝𝙖𝙨 𝙩𝙤 𝙗𝙚 𝙖 𝙘𝙖𝙩𝙖𝙡𝙮𝙨𝙩: 𝘼 𝙩𝙪𝙧𝙣𝙖𝙧𝙤𝙪𝙣𝙙. 𝘼 𝙘𝙝𝙖𝙣𝙜𝙚 𝙞𝙣 𝙚𝙭𝙥𝙚𝙘𝙩𝙖𝙩𝙞𝙤𝙣𝙨. 𝙎𝙤𝙢𝙚 𝙣𝙚𝙬 𝙞𝙣𝙛𝙤𝙧𝙢𝙖𝙩𝙞𝙤𝙣. 𝘼 𝙘𝙝𝙖𝙣𝙜𝙚 𝙞𝙣 𝙚𝙖𝙧𝙣𝙞𝙣𝙜𝙨. The fact that so many people on X still think $MELI is an obvious bargain while the stock keeps trading this poorly is, in my opinion, more of a warning sign than an encouraging sign. Because it suggests many holders still haven’t capitulated. They still believe. They still haven’t emotionally given up on the stock. Real bottoms usually come with exhaustion, apathy, forced selling, and disbelief - not confidence. You saw it before in $PYPL. You saw it before in $NOW. You see it now in $MELI. And many others. “Cheap” alone is rarely enough. Go through the history of most people currently calling $MELI a great opportunity, and you’ll notice that most of them were saying the exact same thing when it was trading at $1,900 too. Without a catalyst, without strong price action, and without a real change in trend, it’s difficult for a broken stock to suddenly recover just because people think the valuation looks attractive. Bad charts can always get worse.

🚨 NEW: 67 Labour MPs are now calling for Keir Starmer to resign

$HIMS Q1’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $608.1M (Est. $616.9M) 🔴; +4% YoY 🔹 Net Loss: $92.1M 🔹 Subscribers: Nearly 2.6M; +9% YoY 🔹 Monthly Revenue Per Avg. Subscriber: $80; -6% YoY FY Guide: 🔹 Adj. EBITDA: $275M-$350M (Est. $322.8M) 🟡 🔹 Revenue: $2.8B-$3.0B (Est. $2.72B) 🟡 🔹 Adj. EBITDA Margin: 10%-12% Q2 Guide: 🔹 Revenue: $680M-$700M 🔹 Adj. EBITDA: $35M-$55M (Est. $70.1M) 🔴 🔹 Adj. EBITDA Margin: 5%-8% Segment Performance: 🔹 United States Revenue: $529.9M; -8% YoY 🔹 Rest of World Revenue: $78.2M; +969% YoY Other Metrics: 🔹 Adj. EBITDA: $44.3M 🔹 FY 2026 Outlook Excludes Potential Contributions From Proposed Eucalyptus Acquisition Financials: 🔹 Gross Margin: 65% vs. 73% YoY 🔹 Net Loss: $92.1M vs. Net Income of $49.5M YoY 🔹 Adj. EBITDA: $44.3M vs. $91.1M YoY 🔹 Operating Cash Flow: $89.4M vs. $109.1M YoY 🔹 FCF: $53.0M vs. $50.1M YoY Commentary: 🔸 “2026 is a defining year for Hims & Hers. We’re not just growing, we’re pulling away from the field on our path to becoming the world’s largest consumer health platform.” 🔸 “As we exit the first quarter, our domestic business is accelerating, we’re expanding into new categories and countries, and more people than ever are relying on us for access to personal, data-driven care.” 🔸 “In the first quarter, we made a strategic pivot that expanded our assortment of branded GLP-1 products, and early demand signals show our consumer reach broadening meaningfully.” 🔸 “We expect growth to accelerate from here, and have high conviction in our 2030 targets of at least $6.5 billion in revenue and $1.3 billion in Adjusted EBITDA.”