Eric

@amitisinvesting I have been buying $UBER the last 2-3 months. Would be very interested if you release a deep dive. If the market pulls back I see $60 as the floor. David Tepper tripled his position and has an average around $69-70

@EasyE589 Honestly, I’d own both. I don’t $UBER but it is cheap here. It may be a new position for me in 2027 as I dive deeper.

$GRAB This will be a long post and dive into many things including Grab's stock performance, some updated thoughts on my Grab thesis after having visited Southeast Asia last month, and new models for valuation. Let's get into it. First off, it's obvious that the stock has not performed in the way that most would like since I first initiated coverage, which was at $4.50. The stock is currently at $3.57, so it is down 20% in the 1.5 years since I laid out my thesis. I think there are many reasons for this but the common theme behind these reasons are less about the fundamentals and more about the macro. It sucks to say that because it would imply that larger forces have played a role outside of the business's execution, but I do think that has happened and unfortunately has made the investment, so far, unsuccessful. Two major macro disruptions hurt grab: the price of oil skyrocketing and the violent shift to AI stocks. On the price of oil, the company actually has weathered the storm very nicely if you look at their latest earnings, but the sentiment around companies in a region that is prone to oil price risk has been very bad. On AI, this is something that I quite frankly just didn't see coming. $UBER is an exceptional business and in my opinion undervalued, but the overhang of robotaxis has led the stock to not do much. The intensity of the AI buildout that began in early 2025 meant that capital was rotating and Grab wouldn't play a role in that infra cap-ex trade which meant it would be prone to be stuck. I can't even blame the market here, why invest in a company that is growing 25% when you can pick memory names or neoclouds growing 500%? Having said that, the fundamentals of the business have only gotten better. I know that in this market environment, if you can't get 20% ROI in a week then your stock is failure, but if we are being a bit more realistic...things take time. HOOD took time. PLTR took time. Not every name explodes because of a datacenter contract and I believe that has given some people unrealistic expectations. Regardless, an opportunity cost is an opportunity cost and if the stock price is the basis for judgement, then the investment has not fully played out yet. Thankfully, my time horizon is greater than 1.5 years. I did have calls on GRAB in addition to shares for Jan 2027 and if there is not a meaningful change over the coming months, those calls will be worth nothing. That is the game -- if you take a risk with options, you have to be ready for the downside. Second, my experience in Southeast Asia. I visited Singapore and basically used GRAB every single day, multiple times a day. My initial thesis was based on a simple idea: compounding earnings growth while consolidating market share within the region. Being able to build the superapp that can grow users would allow upsells and as margins expand, so would operating leverage, which would elevate the company's value. Nothing in my personal experience changed that thesis and if anything, actually witnessing how intense the product was in the region strengthened my conviction. In order to deal with competition in the region, Grab either has to expand or offer better deals to out compete. With 50M+ MAU, I believe they have still under penetrated the region and have a significant runway of growth to go in order to achieve these goals. Ultimately, many of the competitors in the region are burning cash and can't produce a profit. Eventually, I believe that marketshare continues to consolidate and the one left standing should be able to benefit the most. Third, valuation. So, I have updated my models and assumptions based on Q1 numbers. I believe the conservative, fair intrinsic value for the name is at $7.50 which is why I continue to own shares. Q1 2026: Revenue guidance: $4.04-4.10B (+20-22%) Adjusted EBITDA guidance: $700-720M (+40%+) Q1 revenue: $955M (+24% YoY) Q1 Adjusted EBITDA: $154M (+46% YoY) Loan book: $1.44B (+130% YoY) Financial Services approaching EBITDA breakeven Ongoing $400M accelerated share repurchase Net cash balance remains one of the strongest in internet/platform companies For 2027, I would use deliberately conservative assumptions across all three scenarios. In the bear case, Grab grows revenue by 15% to approximately $4.7 billion and reaches a 19% adjusted EBITDA margin, producing roughly $900 million of adjusted EBITDA. In the base case, revenue grows by 18% to about $4.85 billion, while the adjusted EBITDA margin expands to 22%, resulting in approximately $1.07 billion of adjusted EBITDA. In the bull case, revenue grows by 22% to around $5.0 billion and the adjusted EBITDA margin reaches 25%, generating about $1.25 billion of adjusted EBITDA. These projections assume only moderate operating leverage, even though Grab has recently been expanding profitability faster than revenue. For valuation, I would apply an 18x adjusted EBITDA multiple in the bear case, a 24x multiple in the base case, and a 28x multiple in the bull case. Grab should trade at some discount to larger global platforms because of its geographic concentration in Southeast Asia and the risks associated with emerging markets. However, that discount is partly offset by Grab’s leading regional position, improving margins, financial-services growth, strong balance sheet, advertising opportunity, and continued share repurchases. In the bear case, applying an 18x multiple to $900 million of adjusted EBITDA produces an enterprise value of approximately $16.2 billion. After adding roughly $5 billion of net cash, Grab’s equity value would be about $21.2 billion. Using approximately 4.05 billion diluted shares outstanding, that implies a value of roughly $5.25 per share, with a reasonable bear-case range of approximately $5.25 to $5.75. In the base case, applying a 24x multiple to approximately $1.07 billion of adjusted EBITDA produces an enterprise value of about $25.7 billion. Adding roughly $5 billion of net cash results in an equity value of approximately $30.7 billion. Based on approximately 4.05 billion diluted shares, the implied value is around $7.55 per share. That supports a base-case valuation range of approximately $7.50 to $8.25 per share. In the bull case, applying a 28x multiple to $1.25 billion of adjusted EBITDA results in an enterprise value of approximately $35 billion. After adding roughly $5 billion of net cash, Grab’s equity value would reach about $40 billion. Dividing that by approximately 4.05 billion diluted shares produces an implied value of roughly $9.90 per share, supporting a bull-case range of approximately $9.75 to $11.00. My preferred valuation framework therefore produces a bear case of $5.25 to $5.75 per share, a base case of $7.50 to $8.25 per share, and a bull case of $9.75 to $11.00 per share. The base case does not require aggressive assumptions. It only assumes that Grab continues growing at a healthy but moderating rate, improves margins as the business scales, and receives a valuation multiple that remains below many higher-growth global technology and marketplace companies. A valuation of $8.50 per share is also defensible without relying on an extreme bull case. One path would be for Grab to generate roughly $5 billion of revenue and achieve an adjusted EBITDA margin of 23% to 24%, producing approximately $1.15 billion of adjusted EBITDA. At a 24x multiple, that would imply an enterprise value of roughly $27.6 billion. Adding approximately $5 billion of net cash would produce an equity value of around $32.6 billion, or approximately $8.05 per share before factoring in additional share repurchases or stronger cash generation. A slightly higher EBITDA result, a modestly higher multiple, or a lower diluted share count could push the valuation into the $8.50 range. Another path to $8.50 would be a moderate valuation rerating. If Grab generates approximately $1.1 billion of adjusted EBITDA and trades at 26x adjusted EBITDA rather than 24x, its enterprise value would be approximately $28.6 billion. After adding roughly $5 billion of net cash, the equity value would be about $33.6 billion, which translates to approximately $8.30 per share using 4.05 billion diluted shares. Additional buybacks, higher net cash, or slightly stronger earnings could bring the implied value closer to $8.50 to $9.00 per share. The market may also be underestimating Grab because it is still often viewed primarily as a ride-hailing and food-delivery company. In reality, Grab is developing several potential profit engines. Mobility can continue generating strong margins and cash flow, delivery benefits from greater scale and operational efficiency, financial services could become a meaningful earnings contributor as the loan book grows, and advertising remains relatively early in its development. At the same time, artificial intelligence and automation may improve driver utilization, merchant performance, customer targeting, and corporate efficiency. In all of these scenarios, I am also not anticipating revenue growth of 30% or above. This is the wild card, given the company is expanding to Taiwan and has a host of new initiatives that they have been getting into with M&A, if they can reaccelerate to 30%+, it changes all assumptions and could further lead to a rerating. Overall, I would view approximately $7.50 as a conservative base-case intrinsic value if Grab simply executes on its current trajectory. A value closer to $8.50 is reasonable if the company delivers modest upside to current expectations, continues expanding margins, repurchases shares, and receives even a small valuation rerating from the market. So, those are my updated thoughts. Some have asked why I don't talk about the name everyday, it's simple: there isn't much to discuss. The name is stuck based on the market's lack of interest which is why I think the discount has become so intense. I continue to hold and until I feel the thesis changes dramatically, if it doesn't, then I will continue to engage in the most boring part of investing: being patient and trusting a thesis can play out.

@PaperGainsInc @amitisinvesting $AMZN

Do you own more $AMZN or $AAPL as of today?

@KrisPatel99 I'm slowly buying also. Shares or leaps?

@EasyE589 yeah. Yesterday... looking to build it up

@GIezzi18020 @amitisinvesting This will help boost $uber once it catches some traction

@amitisinvesting Bro even $GRAB is going up!! :)

I bought $NBIS at $232.49. I *think* the market is wrong for selling the neo-clouds here and it feels like an overreaction to the META news. AWS just raised GPU rental prices by 20%. META is using their compute to monetize in a way that makes their overall business more diverse in terms of AI revenue streams. Given the backlog and senior management claiming that 4 customers are fighting for one GPU, it feels like a knee-jerk reaction to the META headline. Will buy more in low $200s if we see it, last time we got that price on $NBIS was 3 weeks ago on a market-wide drawdown so it feels like this might be an opportunity.

@Mr_Derivatives Hope so! I have $200 leaps

$CRM nice 8.2% bump off those intraday $146 lows.. Now can it add more to it next week?

$CRM Down 14 days in a row. $IGV Down 13 of last 14 days.

@KrisPatel99 @Equalizetheset @SECGov 🤣 🤣 🤣 I follow Kris and he’s smarter than most on this app…..but for you to think he can move markets ? You must be a special type of dumbass

@Equalizetheset @SECGov lol go ahead. I dont even have a memory position not am I money manager. What I do know is that your scared...

Influencers like Zerohedge seem to be on a MASSIVE aggressive short campaign against memory stocks this weekendd. @SECGov needs to investigate for market manipulation.

@BarstoolBigCat Need to know ketchup strategy. Dip or add on top of burger/ cheese ?

Had a hankering Number 27, 28 and 29

@Mr_Derivatives Trader Joe’s is a scam! “Clean” and “healthy” labels selling the same trash available elsewhere. Sprouts is the top choice for a chain store and Whole Foods still has some decent choices but has shifted some Amazon acquisition

Off topic: But what is the big deal about Trader Joe’s $4 tote bag? Ppl are waiting in line for these things like it was the second coming of the first Apple iPhone. 100+ ppl deep kinda lines. Am I just a party pooper? I don’t get it. Someone enlighten me.

@Mr_Derivatives I can’t argue against that Trump will not be happy if it goes any other way

Why does a part of me feel Kevin Warsh wants to make a good first impression today and the markets will rally behind him…? Debate.

@Jason @chiropractic What brand of yogurt do you like ?

@chiropractic Greek yogurt

I made the coffee soaked dates — delicious

@KrisPatel99 @Benioff I’m long $CRM

$CRM @Benioff understands the end game... Running agents will get cheaper overtime, the demand for will only grow. Salesforce has one of the widest customer bases in the world with huge datasets that are stored by them. In order for agents to work properly, you need that data. Salesforce isn't backing away... its leaning in.

@KrisPatel99 @wdy Are you buying $CRM ?

$PLTR $CRM $NOW @WDY $SAP $MSFT This is probably one of the MOST relevant points everyone needs to understand ASAP. Now is the time to go long SaaS... But it has to LARGE embedded SaaS, not the thin companies at the edge. With OpenAI and Anthropic going to war for market share... ask yourself... Which companies have access to the biggest distribution in market in an agentic world? Look at the enterprise customer counts for each of these business... Answer: $PLTR $CRM $NOW $WDAY $MSFT $SAP $ORCL Microsoft ($MSFT) More than one million companies worldwide use Microsoft 365, and that's before counting Dynamics 365 and its other cloud applications. No other SaaS vendor comes close in raw organizational reach, and it has the deepest penetration among large enterprises. SAP ($SAP) Serves approximately 425,000 customers across more than 180 countries (some estimates run as high as 480,000), and the majority of Fortune 500 companies are SAP customers. Its base skews heavily toward large organizations given the nature of ERP. Oracle ($ORCL) At roughly 400,000+ customers globally across Fusion Cloud applications, NetSuite, and its database-adjacent SaaS lines. Salesforce ($CRM) Over 150,000 customers worldwide as of 2026, and more than 90 percent of Fortune 500 companies use at least one Salesforce product. It's also the largest standalone SaaS provider by revenue. Workday ($WDAY) More than 10,000 global customers, including over half of the Fortune 500 and more than 70% of the top 50 Fortune 500 companies ServiceNow ($NOW) has roughly 8,800 customers, and more than 85% of the Fortune 500 use it. Nearly all of them are genuine large enterprises and public-sector organizations. @BillRMcDermott and @Benioff both mentioned how much growth is coming from agents. These token hungry agents can be powered by now an increasingly commoditized LLM. The business model is flipping to buying Tokens WHOLESALE and selling them RETAIL. The SaaS vendors get to pocket the margin in between and it actually accelerates future growth and become entrenched.

@TheProfInvestor $UBER hasnt taken part in the rally but I think is a good opportunity and nearing 200 week SMA. Another if you have time is $CRM ....great quarter and nearly every enterprise company is still using them but at a 2 year low. Thanks

I will have some time this weekend so lets do a chart fest like good old days. Here's what you gotta do: 1. Comment one symbol and why? 2. Like and repost I will cover 50 charts for you guys. Enjoy, Prof

@stevenfiorillo Hey Steve what is your price target / fair value on $CRM?

Everyone is screaming SaaS is dying without actually understanding how enterprise software works. $CRM is thriving. Salesforce: One Of The Most Inexpensive Companies In The Entire Market After Record Q1 Results seekingalpha.com/article/491445…

@PaperGainsInc Yessir $CRWV. great buy today

@EasyE589 You’re talking about $CRWV? I bought it today 💪🏽

@PaperGainsInc Thanks. I have a small equity position but wish I got in bigger. It’s lagged NBIS and IREN and the chart looked pretty good lately. False breakdown today going to turn out bullish

@EasyE589 Options for short term continuation you can get a good entry but tomorrow options will probably be pretty expensive

ASTERA LABS $ALAB, COREWEAVE $CRWV, NEBIUS $NBIS, ROCKET LAB $RKLB & TERADYNE $TER TO JOIN THE NASDAQ 100

@TheMaverickWS lol 24 hours later added to the Nasdaq 🤡

Coreweave is one of those stocks that will crash down to $0 The insiders know $CRWV