Alchemist

Circle $CRCL might be the most misunderstood company in global finance. Most people think it’s a stablecoin fintech. I think it’s becoming something very different: A regulated balance sheet that helps fund US government debt through global dollar demand. Here’s the simple mechanism: • Someone in Turkey buys USDC to escape inflation • Circle receives USD • That USD is parked in short-term US Treasuries • The US government effectively gets funded by global retail demand for digital dollars Today: ~$320B stablecoin market Of which Circle is one of the key regulated issuers $77B Now extend that: If stablecoins scale to $1T → $5T → $10T… Then Circle is no longer a payments company. It becomes one of the largest structural buyers of US Treasuries in the world. That’s not “crypto adoption”. That’s sovereign debt distribution at internet scale. This is why Circle is interesting: Not because it replaces banks. But because it becomes embedded in how the US dollar exports liquidity globally. Bull case isn’t “crypto payments”. Bull case is: Circle becomes financial infrastructure for the US dollar system itself. What am I missing? #CRCL

@ftr_investors What’s $ADBE ’s fair price and how do you count it ?

$ADBE Adobe is the biggest disconnect between fundamentals and stock price in the market today. 𝗧𝗵𝗲 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 📈 FY26 Revenue est: $26.5B+ (+11%) 💰 Free Cash Flow: $10B 📊 Gross Margin: 89% 🤖 AI-first ARR: $500M+ (tripled YoY) 🔄 Buyback: $25B 𝗧𝗵𝗲 𝗦𝘁𝗼𝗰𝗸 📉 -62% last 5Y 📊 Forward P/E: 8.2x 💵 P/FCF: 8.0x 🤑 FCF Yield: 12.5% The business has never been stronger 💰 The stock has never been cheaper 📉 Who's right? 🤔👇 🟢 The business 🔴 The market

@WSJ Together with Elon Musk we have now $1T and $124👀

Elon Musk is officially the world’s first trillionaire after SpaceX went public. His SpaceX stake was valued at around $690 billion at the IPO price, while his Tesla stake makes up around $279 billion of his net worth. Follow live coverage: 🔗 on.wsj.com/4xqDT9U

Like it or not, this is a valuation bubble. Not a demand bubble but valuation. And here’s why: -Hyperscalers are burning billions on CAPEX. -Obscure small-caps are skyrocketing. - $NVDA is trading sideways. -The debt load on some of these names isn’t growth — it’s survival on borrowed liquidity. One earnings call. One hint from Microsoft, Google, or Amazon of a CAPEX slowdown — and the house of cards collapses. Not a correction. A collapse. While the market chases the next 10x ticker, there are quality companies it’s ignoring out of fear. That’s where the real margin of safety is. Musical chairs is not my game. Bookmark this. We’ll revisit in 2027.

$SPCX

MAGA- MAKE $ADBE GREAT AGAIN!

@jimcramer MAGA - MAKE $ADBE GREAT AGAIN!

Adobe aint got nothin for ya

Flexing 850M MAU in Acrobat and Express is a classic attempt by Adobe $ADBE to mask its slowing core. This is low-value B2C traffic with near-zero impact on long-term ARR. Compare that to $FIG Figma (currently trading around 7x sales): their revenue growth accelerated to 46% YoY ($1.42B guide), while Net Dollar Retention (NDR) soared to 139%. Figma isn't just shipping 'features'—it’s capturing corporate enterprise seats by looping in developers and product managers. Adobe is playing defense; Figma is on the offensive.

$ADBE 's freemium metrics (+70% MAU in Express) only look good in press releases. In reality, these are low-margin users. The real power lies in B2B expansion. On a billion-dollar base, $FIG Figma is accelerating to 46% YoY while holding an elite 139% NDR because internal product teams organically expand their seat count. The collapsed $20B acquisition was Adobe's open admission of defeat. Why invest in a sluggish legacy behemoth when you can back a pure-play disruptor?

BREAKING 🚨: Adobe $ADBE falls to its lowest price since January 2019 📉📉

This single-API infrastructure is exactly what the market is failing to price properly. $DLO didn't lose pricing power in LatAm or Africa; they chose to absorb hyper-growth volumes to box out the competition. When your business model achieves an NRR up to 136%, your LTV-to-CAC ratio becomes virtually unmatched in B2B fintech. Buying into this infrastructure at a market valuation of just $5M per enterprise merchant is an absolute steal compared to what you pay for a piece of Stripe or Adyen.

DLO is a cross-border payment platform built for emerging markets. One single API lets global companies accept and send money across Latin America, Africa, and Asia. Brazil, Mexico, Argentina, Egypt, India. Countries where payments are usually a nightmare.

5 years since IPO. Zero insider buys. Then a director just put $237K of his own money in. Here’s the stock:

True value investing in tech means buying elite structural moats when the short-term chart looks terrifying. DLocal ($DLO) generates over $1.1B in revenue, holds $451M in clean net cash on the balance sheet against a $3.6B cap, and converts capital at a >37% ROE. They are expanding processing volumes at 73% YoY while holding under 2% of their addressable market. Pricing a hyper-growth enterprise processor like a legacy brick-and-mortar institution is a classic market gift for those who read balance sheets rather than headlines.

Which "Failing Knife" is The Best Buy? - $SOFI at 44% Drawdown - $MELI at 35% Drawdown - $HOOD at 38% Drawdown - $DLO at 25% Drawdown - $PGY at 66% Drawdown - $NOW at 40% Drawdown

Good take, the mispricing is incredible ! While everyone fights over over-extended US Tech trading at 40x P/E, a massive valuation anomaly is sitting in Emerging Markets. $DLO controls the core transaction pipes for Google and Uber across LatAm and Africa. Their processing volume is scaling at 73% YoY in a $2.1T TAM that doubles by 2030, yet the stock is priced at a 11x forward P/E with an ROE north of 37%. Wall Street is treating structural tech infrastructure like a cyclical bank asset due to short-term FX noise.

DLO dLocal Limited. Director Will Pruett just bought $237K worth of shares. First insider purchase since the company's IPO in 2021. When someone on the board breaks 5 years of silence to put their own money in, you pay attention.

$DLO is the ultimate IQ test for growth investors. It tests your ability to separate temporary infrastructure spending from structural decay.

Why is it cheap at $12? Momentum traders dumped because short-term net income dipped 10% due to heavy infrastructure investments in Africa. Smart institutional money is quietly accumulating the floor. Real intrinsic DCF value is north of $22 (+80% upside).

Wall Street is officially broken. How does a fintech monster that processes payments for Google, Uber, and Netflix grow its transaction volume by 73% in a single quarter, but trade at the valuation multiples of a dying regional bank? Let’s tear down $DLO DLocal. A deep look into the asymmetric play retail is completely missing