📊 TikTok’s Parent Is Now Worth $300B

Happy Sunday!

With earnings season winding down and Thanksgiving around the corner, next week’s issue will be shorter than usual.

• Markets will be closed Thursday and open for a half day Friday.

Also, I could use your help with something!

• I’m considering moving the newsletter to Monday mornings instead of Sunday—let me know your thoughts before I make the switch!

Depending on your feedback, the next issue may come on Monday instead of Sunday!

• Thank you in advance for voting and I hope you enjoy your Thanksgiving!

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

• Americans say to feel “financially successful” they need a $270,000 salary.

• A banana taped on a wall was sold to a Crypto billionaire for $6.2M.

• Walmart corporate employees can expect to earn up to 120% of their eligible bonuses this year.

• Walmart raised its net sales full-year guidance, projecting growth of 4.8%-5.1%, up from its prior forecast of 3.75%-4.75%.

• The Asian country Bhutan holds $1.2B worth of Bitcoin, equivalent to 38% of its GDP.

• Trump Media is reportedly looking to acquire $400M-listed crypto platform Bakkt.

• Ford will cut 4,000 jobs in Europe by the end of 2027.

• Elon Musk’s xAI is now valued at $50B in new funding round.

• Berkshire Hathaway’s cash allocation as a percentage of total assets reached a record high 28.3%.

• Blackstone has acquired sandwich chain Jersey Mike’s for $8B.

• Netflix said the Mike Tyson, Jake Paul fight was the most-streamed sporting event ever with 108M total global viewers.

• Bill Hwang was sentenced to 18-years in prison for Archegos collapse.

• Indian Billionaire Gautam Adani was charged in a $250M bribery scheme.

• Morgan Stanley’s Mike Wilson, a prominent bear, sees the S&P 500 hitting 6,500 in the next 12 months.

• Target shares tanked after they reported Q3 adjusted earnings 20% below analyst estimates.

• Business spending on AI jumped 500% this year to $13.8B.

In today’s newsletter:

• 🎶 TikTok’s Parent Is Now Worth $300B

• 💰 MicroStrategy Owns A Ton Of Bitcoin

• 🦾 Nvidia’s Q3 FY25 Earnings

• 📊 Nvidia’s Revenue Breakdown

• 🚀 Magnificent 7 Revenue Growth

• 💸 Largest Companies & Their Net Profit

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Despite a looming ban, TikTok’s parent company, ByteDance, is valuing itself at one of its highest levels ever.

• In a recent buyback offer, ByteDance pegged its valuation at $300B, according to The Wall Street Journal.

To put it in perspective, based on data as of 11/18, ByteDance’s valuation is on par with the combined market caps of Spotify, PayPal, Snowflake, Robinhood, Reddit, Pinterest, and Snap Inc.

Back in April, President Biden signed a law threatening to ban TikTok in the U.S. unless ByteDance divests by mid-January.

• ByteDance, however, has firmly rejected this plan, indicating it would not sell its U.S. operations.

Let’s see what happens next.

MicroStrategy has been on a Bitcoin buying spree.

• Between November 11th and November 17th, the company purchased 51,780 Bitcoin for approximately $4.6B.

• This was the company’s largest-ever purchase, and followed the company’s acquisition of over 27,000 Bitcoin between October 31st and November 10th.

This brings its total holdings to 331,200 Bitcoin, worth about $32.7B, as of 11/22.

• With a cost basis of $16.5B, its holdings have returned 95%, per BitcoinTreasuries.

• MicroStrategy now holds more Bitcoin than any other publicly traded company.

The stock has also been on fire, up 92% in the past month and 516% YTD.

• However, it saw a road bump on Thursday, with shares tumbling 16% after Citron Research revealed a short position on the stock.

But right after market close, CEO Michael Saylor announced a $3B raise…to unsurprisingly…acquire more Bitcoin.

The most important earnings report of the quarter came on Wednesday, and thankfully, doomsday didn’t arrive.

Nvidia released its financial results for Q3 FY 2025, and here’s the breakdown:

• 🟢 Adj. EPS: $0.81 vs. $0.75 Est.

• 🟢 Revenue: $35.08B vs. $33.16B Est.

• 🟢 Data Center Revenue: $30.8B vs. $28.82B Est.

• 🟢 Gaming Revenue: $3.28B vs. $3.03B Est.

• 🟢 Q4 Est. Revenue: $37.5B (+/- 2%) vs. $37.08B Est.

With revenue up 94% and net income soaring 109%, Nvidia delivered yet another blockbuster quarter.

• But for a company that regularly posts jaw-dropping numbers, even slightly better-than-expected Q4 guidance left investors wanting more.

• Shares dipped briefly after the report before rebounding, finishing the week up just under 2%.

Nvidia’s latest AI chip, Blackwell, is in full production, and demand continues to outpace supply, according to CEO Jensen Huang and CFO Colette Kress.

With shares up nearly 200% YTD, expectations remain sky-high.

• Any slip could send shares lower, but for now, Nvidia keeps delivering.

Nvidia may be the AI kingpin today, but it hasn’t always been that way.

• Just two years ago, data center revenue became the majority of the company’s sales.

• Now, it accounts for 87% of Nvidia’s revenue over the past 12 months.

• A decade ago? Just 5%.

For much of the last 10 years, gaming was Nvidia’s largest revenue driver.

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How does Nvidia’s revenue growth stack up against the rest of the Magnificent 7?

Its 94% growth is miles ahead of the pack.

• The next closest is Meta at 19%, followed by Microsoft at 16%.

• Amazon and Google are also growing at double digit rates.

Meanwhile, Tesla and Apple lag with single-digit growth, at 8% and 6% respectively.

Zooming out to the 10 largest companies listed on the NYSE/Nasdaq, Nvidia also leads in profit growth.

If it goes without saying though, all of the giants of the U.S. economy continue to be absolute cash machines, collectively earning $606B in net profit.

One important callout: Berkshire’s net income includes unrealized gains from its massive investment portfolio.

Notable Companies Reporting Earnings This Week:

Here’s what I will be watching this week:

• Monday: Zoom $ZM

• Tuesday: Best Buy $BBY, Abercrombie & Fitch $ANF, Analog Devices $ADI, Macy’s $M, Crowdstrike $CRWD, Dell $DELL, Autodesk $ADSK

I use EarningsHub to track earnings, estimates, and receive AI summaries of investor calls.

• If you’d like an all-in-one earnings tool and see all other companies reporting, I definitely recommend you check it out!

Buys

• Kevin Hern (R)

  • Company: McDonald’s Corp ($MCD)

    • Amount Purchased: $100K - $250K

• Tina Smith (D)

  • Company: Tactile Systems Technology Inc ($TCMD)

    • Amount Purchased: $50K - $100K

Sells

• Jake Auchincloss (D)

  • Company: State Street Corporation ($STT)

    • Amount Sold: $15K - $50K

    • Description: RSU Distribution

• Laurel Lee (R)

  • Company: GE Vernova Inc ($GEV)

    • Amount Sold: $15K - $50K

Buys

• Clarivate Plc ($CLVT)

  • Insider: Michael Angelakis (Director)

    • # of Shares Purchased: 3,465,000

    • $ Amount: $17,863,350

    • SEC Forms: [1]

• Estee Lauder ($EL)

  • Insider: Paul Fribourg (Director)

    • # of Shares Purchased: 153,300

    • $ Amount: $9,918,230

    • SEC Forms: [1], [2]

• Bruker Corp ($BRKR)

  • Insider: Frank Laukien (President & CEO)

    • # of Shares Purchased: 100,000

    • $ Amount: $5,014,069

    • SEC Forms: [1]

Sells

• Coinbase ($COIN)

  • Insider: Brian Armstrong (Chairman and CEO)

    • # of Shares Sold: 1,025,000

    • $ Amount: $313,017,754

    • SEC Forms: [1], [2]

• AppLovin ($APP)

  • Insider: Vasily Shikin (CTO)

    • # of Shares Sold: 593,588

    • $ Amount: $189,573,540

    • SEC Forms: [1]

🤝 Review of the Week