📊 Elon Musk Wins $1T Pay Package

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Happy Sunday!

The world’s richest man, Elon Musk, could get even richer.

• On Thursday, 75% of Tesla’s shareholders approved a historic compensation plan worth up to $1T.

The payout is entirely performance based.

• To earn the full amount, Tesla would need to reach a $8.5T market cap, nearly 500% higher than today’s $1.35T.

• The plan also includes several ambitious operational goals.

• These include delivering 20M vehicles, producing 1M humanoid robots, and achieving 10M full self-driving subscriptions.

• Along the way, Musk can unlock 12 performance tranches tied to smaller milestones.

Other EV leaders are following similar incentive paths.

• Rivian recently unveiled a $4.6B CEO pay plan tied to profitability and share price targets over the next decade.

Some key data bites from this week that you should know:

• Morgan Stanley shared 9 stocks most likely to beat earnings expectations.

• WSJ shared 7 charts recapping Big Tech’s earnings.

• Snap announced $400M deal to integrate Perplexity’s AI search engine.

• Meta reportedly projected 10% of 2024 revenue came from fraud ads.

• OpenAI will surpass $20B in annualized revenue by year end.

• Anthropic expects to generate $70B in revenue by 2028.

• Nvidia and Deutsche Telekom will build a $1.15B AI factory.

• Kimberly-Clark will acquire Kenvue in $49B deal.

• Starbucks sold a majority stake in China business for $4B.

• U.S. companies announced most October job cuts in over 20 years.

• U.S. private companies added 42,000 jobs in October, above 22,000 estimate.

• Microsoft has committed more than $60B to neocloud data center companies.

• Microsoft will invest $15.2B in the UAE through 2029.

• OpenAI and AWS signed a $38B cloud computing deal.

• Median age of first-time U.S. home buyer reaches 40 years old.

• Netflix announced ad tier crossed 190M global monthly active viewers.

• Facebook Dating has 21.5M daily active users across 52 countries.

• Wealthy investors expected to drive $32T boom in alternative investments.

• Block spent nearly $70M on a single event for employees.

• Apple is nearing a deal to pay Google $1B annually to power new Siri.

• GTA 6 release was delayed by about 6 months.

Earnings & Financial Results:

• Berkshire Hathaway now has record $382B in cash on hand.

• Hims saw its subscriber base climb 21% to 2.47M.

• Shopify achieved 32% revenue growth and 18% free cash flow margin.

• Spotify surpassed 700M monthly active users and posted 12% subscriber growth.

• Ferrari’s net revenue climbed 7% as it shipped 3,401 cars in Q3.

• Rivian saw sales surge 78% YoY.

• Cava posted same-store sales growth of 1.9%, below 2.8% estimate.

• Match Group’s Hinge posted revenue growth of 27% YoY.

• Novo Nordisk reduced full-year sales growth outlook to 9.5% from 11%.

• McDonald’s posted U.S. same-store sales growth of 2.4%, ahead of 1.9% estimate.

• DoorDash had its worst day ever after announcing plans to spend hundreds of millions more on new initiatives in 2026.

• Snapchat now has 943M global monthly active users.

• Datadog posted 2nd best day ever as 24% sales forecast topped estimates.

In today’s newsletter:

• 📈 Palantir’s Fastest Growth

• 🚖 Uber Is Printing Cash

• 🔥 AMD’s Hot Quarter

• 🦜 Duolingo Crosses 50M Daily Users

• 🥊 Robinhood vs Schwab

Let’s jump right in.

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Palantir delivered the best quarter in its history.

The company reported Q3 results that beat top and bottom line estimates.

• Adjusted EPS: $0.21 vs. $0.17 est.

• Revenue: $1.18B vs. $1.09B est.

Total revenue increased 63%, marking Palantir’s fastest growth since going public and well above the 50.5% estimate.

• Revenue growth has now accelerated for nine consecutive quarters.

Both major segments contributed to the surge.

• Commercial revenue grew 73%, while government revenue increased 55%.

• Palantir’s total customer count climbed 45% to 911, and it closed 52 deals worth at least $10M.

The company posted a Rule of 40 score of 114, one of the highest among the 25 largest companies globally.

• The Rule of 40 measures the balance between revenue growth and profitability, with anything above 40% considered strong.

Guidance was also solid.

• The company expects full-year sales of $4.4B, ahead of the $4.17B estimate, and sees adjusted free cash flow reaching $2B.

Despite the blowout quarter, shares fell 13% this week as investors balked at the company’s high valuation and bearish bets disclosed by Michael Burry.

• In response, CEO Alex Karp didn’t hold back, calling Burry “batsh*t crazy” for betting against Palantir and Nvidia.

The wheels keep turning at Uber.

CEO Dara Khosrowshahi announced the company recorded one of its largest trip volume increases in history as part of Q3’s earnings results.

Here were the key metrics:

• Earnings: $3.11 vs. $0.68 est.

• Revenue: $13.47B vs. $13.28B est.

• Bookings: $49.74B vs. $48.95B est.

• Q4 Gross Bookings Forecast: $53B vs. $52.10B est.

• Q4 Adjusted EBITDA Forecast: $2.46B vs. $2.47B est.

The company posted a significant earnings beat, but the headline number was inflated by a $4.9B tax valuation release.

That said, the company posted solid growth.

• Revenue rose 20% YoY to $13.5B, while adjusted EBITDA climbed 33% to $2.3B.

• Trips increased 22%, and gross bookings grew 21%.

• Uber’s rideshare segment generated $7.68B in revenue, while its delivery segment contributed $4.48B, both ahead of expectations.

Despite strong results, guidance was mixed.

• Concerns around autonomous vehicle competition and a miss on operating income further weighed on sentiment.

Hot quarter, cool reaction.

AMD beat expectations on nearly every metric in Q3, but shares ended the week 10% lower.

• Adjusted EPS: $1.20 vs. $1.16 est.

• Revenue: $9.25B vs. $8.74B est.

• Data Center Revenue: $4.34B vs. $4.13B est.

• Q4 Revenue Forecast: $9.6B vs. $9.15B est.

• Q4 Adjusted Gross Margin Forecast: 54.5% vs. 54.5% est.

Prior to the report, shares had more than doubled year to date and tripled since April lows, leaving expectations sky high.

• Investors likely took profit after the report, especially as results were priced for perfection and the gross margin forecast only met estimates.

• The stock had also recently surged following AMD’s partnership with OpenAI to deploy 6 GW of GPUs for AI infrastructure.

In Q3, revenue rose 36% and net income jumped 61%.

AMD’s data center segment, which houses its AI chips, grew 22% to $4.34B on strong AI demand.

• Client revenue, which includes chips for PC and laptops, climbed 46% to $2.75B.

• Gaming revenue surged 181% to $1.30B, driven by demand for console and gaming PC chips.

• Embedded revenue, which covers specialized equipment, declined 8% to $857M.

Under the leadership of CEO Lisa Su, AMD has delivered record revenue and profitability.

• Since she became CEO in October 2014, $10,000 invested in AMD would now be worth nearly $900,000.

Duo the Owl was last seen crying.

Duolingo posted its worst day ever following its most recent earnings report.

And that came despite another strong quarter of growth.

• Revenue climbed 41% to $272M, beating estimates of $260M.

• Adjusted EBITDA jumped 68% to $80M, also ahead of the $72M estimate.

• Daily active users crossed 50M for the first time, reaching 50.5M, though slightly below the 51.2M forecast.

So why did shares plunge?

A strategic shift toward longer-term goals caught investors off guard.

CEO Luis von Ahn explained:

• “In Q3 we decided to shift the balance towards longer-term initiatives. We’re investing proportionally more in teaching better, and prioritizing user growth over monetization...”

He added that this shift reflects Duolingo’s growing conviction that AI can fundamentally change how people learn.

• “If we develop an app that is more engaging than, and teaches as well as, a personal tutor across multiple subjects, we think we’ll become a much bigger business in the long term.”

As a result, the company guided for Q4 bookings of $332.5M, below the $344.3M estimate, and adjusted EBITDA of $77.1M, missing the $80.4M consensus.

Robinhood is shooting arrows in every direction.

The company posted monstrous Q3 earnings that highlight how quickly the business is scaling.

• Earnings: $0.61 vs. $0.53 est.

• Revenue: $1.27B vs. $1.19B est.

Revenue doubled to a record, while diluted EPS more than tripled.

• Net deposits reached an all-time high of $20B.

• Transaction-based revenue, which reflects trading activity on the platform, rose 129% YoY to $730M.

• Within that segment, crypto trading revenue surged over 300% to $268M.

Average revenue per user climbed 82% to $191, and funded accounts increased 10% to 26.8M.

With $333B in total assets across 26.8M customers, the estimated average account balance now stands around $12K.

• That still pales in comparison to its competitor Charles Schwab, where the estimated average account balance is roughly $305K.

• Schwab, meanwhile, recently announced plans to acquire Forge Global in a $660M deal to give clients access to private companies and pre-IPO shares.

Nonetheless, Robinhood shares have climbed more than 230% this year as the company accelerates product development, expands into wealth management, and continues innovating across emerging areas like crypto and prediction markets.

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Notable Companies Reporting Earnings Week of November 9th, 2025:

Buys

• April Delaney (D)

  • Company: Nasdaq ($NDAQ)

    • Amount Purchased: $16K - $65K

• Marjorie Taylor Greene (R)

  • Company: The Procter & Gamble Co ($PG)

    • Amount Purchased: $15K - $50K

Sells

• Shelley Capito (R)

  • Company: Microsoft ($MSFT)

    • Amount Sold: $16K - $65K

  • Company: IBM ($IBM)

    • Amount Sold: $15K - $50K

• Sheldon Whitehouse (D)

  • Company: Nvidia ($NVDA)

    • Amount Sold: $15K - $50K

  • Company: The Progressive Corp ($PGR)

    • Amount Sold: $15K - $50K

Buys

• Cohen & Steers ($CNS)

  • Insider: Robert Steers (Executive Chairman)

    • # of Shares Purchased: 81,559

    • $ Amount: $5,551,938

    • SEC Forms: [1]

• MSC Industrial Direct Co ($MSM)

  • Insider: Mitchell Jacobson (Director)

    • # of Shares Purchased: 51,954

    • $ Amount: $4,386,290

    • SEC Forms: [1]

Sells

• Stryker Corp ($SYK)

  • Insider: Ronda Stryker (Director)

    • # of Shares Sold: 520,000

    • $ Amount: $184,606,141

    • SEC Forms: [1]

• Netflix ($NFLX)

  • Insider: David Hyman (Chief Legal Officer)

    • # of Shares Sold: 31,462

    • $ Amount: $34,603,191

    • SEC Forms: [1]

🤝 Review of the Week