Credo Technology $CRDO is emerging as one of the highest quality businesses in the semiconductor industry, combining exceptional economics with the structural tailwinds of AI infrastructure. Its financial profile reflects a company with genuine competitive advantages rather than one simply benefiting from a cyclical upswing. Gross margins of around 68% are outstanding for a hardware business and point to meaningful pricing power, differentiated technology and the benefits of its fabless model. Because Credo outsources manufacturing and focuses on chip design, capital requirements remain low while incremental revenue flows through to profits at an impressive rate. As revenue has surged, operating expenses have grown much more slowly, creating powerful operating leverage and allowing operating margins to expand significantly. More importantly, these profits are backed by strong free cash flow, showing that earnings are turning into real cash rather than accounting adjustments. What underpins these economics is Credo’s leadership in low power, high speed connectivity. Its SerDes technology powers active electrical cables, optical DSPs, retimers, Ethernet PHYs and licensing products that are becoming increasingly important as AI clusters grow larger and require more bandwidth. Once a hyperscaler qualifies these components, switching suppliers becomes expensive and time consuming because it requires extensive testing, firmware integration and system validation. That creates sticky customer relationships and supports attractive margins over time. The company also has an exceptionally strong balance sheet, with more than $1 billion in cash and virtually no debt. That gives management plenty of flexibility to keep investing in research and development while comfortably navigating the inevitable cycles of the semiconductor industry. The main risk is customer concentration. A large majority of revenue still comes from a small number of hyperscale customers, leaving the business exposed if AI infrastructure spending slows, a major design win is lost or a large customer gains more pricing power. Expanding its customer base over time will be important to reduce that risk. Overall, Credo has many of the qualities investors look for in a long term compounder. It combines high gross margins, expanding operating leverage, strong free cash flow generation, an asset light business model, differentiated technology, meaningful switching costs and a fortress balance sheet. The quality of the business is difficult to question. The real debate is whether the market has already priced in just how durable that growth will prove to be.

David Steinberg $ZETA CEO’s interview on NYSE TV moments ago🎥 $PLTR x $SNOW

Games Workshop $GAW.L has returned 4,131.95% over the last 10years. That’s an annual return of ~45.5% per year, for 10 years. Out-performing $TSLA $GOOGL $MSFT $AMZN $AAPL & $META over the same period. All the Mag7 except $NVDA A silent compounder & one of the UK’s finest🇬🇧

$IREN investors waiting for their hyperscaler deal after Sweetwater energisation

Most UK investors are leaving a legal tax shelter completely unused. The Stocks & Shares ISA is one of the most powerful wealth-building tools available to a UK investor — and it’s hiding in plain sight. Here’s why it matters more than most people realise: Every UK adult gets a £20,000 annual ISA allowance. Whatever you invest inside that wrapper — dividends, capital gains, interest — is completely free from UK tax. You don’t need to declare it. You don’t need to report it. HMRC doesn’t touch it. The compounding effect: £20,000/year invested at 10% annual returns over 30 years = ~£3.6 million. Not a penny of that is taxable on withdrawal. Who’s actually using it? The numbers are stark. Only 4.1 million people subscribed to a Stocks & Shares ISA in the 2023/24 tax year — in a country of over 50 million adults. Almost 1 in 5 UK adults have never even heard of a Stocks & Shares ISA. Of those who do hold one, only 7% — around 1.6 million people — actually use the full £20,000 annual allowance. And almost 60% of the UK population isn’t using an ISA of any kind — cash or stocks — at all. What most people miss: The ISA wrapper doesn’t care what’s inside it. Individual stocks. ETFs. Investment trusts. REITs. You can hold global equities, AIM-listed growth stocks, or dividend compounders — all sheltered. The only rule that matters: Use the allowance or lose it. It doesn’t roll over on April 5th the clock resets every year. The UK gives you £20,000 of tax-free investing per year. The only mistake is not using it.

Good Morning X!☀️☕️ Huge day ahead with most of the heavy hitters reporting! Multi-TRILLIONS in market cap💰 > Alphabet $GOOGL / $GOOG > Amazon $AMZN > Microsoft $MSFT > Meta Platforms $META > Nebius Group $NBIS > SoFi Technologies $SOFI Have a good day all🙌🏻

What the Marigold acquisition brings to $ZETA — and why the loyalty programme is the crown jewel. Beyond the 100 enterprise brands and 40 Fortune 500 companies, Marigold Loyalty integrates directly with POS systems and e-commerce platforms in real time. That means it captures transaction- purchase data — not just “this customer bought something,” but what exact product, at what price, how often, in what combination with other products, and in which channel. That’s SKU-level data. This is a massive upgrade to Zeta’s data flywheel for several reasons: 1. It converts probabilistic signals into verified purchase behaviour Zeta’s SuperGraph currently processes over 1 trillion signals, but much of that is intent/behavioural data — browsing, email engagement, ad clicks. SKU-level loyalty data is confirmed purchase data, which is far higher quality for training AI models and building predictive audiences. 2. It deepens the consumer profile on Zeta’s 245M+ identity graph If a customer is already on Zeta’s identity graph, appending verified purchase history at the product level makes that profile dramatically more actionable — you can predict next purchase, calculate true LTV, and identify cross-category propensity with far greater accuracy. 3. It enables product-level personalisation at scale Zeta’s current differentiation is 1:1 personalised messaging. SKU-level data lets brands move from “personalise by segment” to “personalise by individual purchase history” e.g. knowing someone always buys Brand X coffee but recently tried Brand Y creates a highly specific intervention opportunity. 4. It becomes a proprietary data moat competitors can’t easily replicate This data comes from loyalty program integrations that Marigold has built with 100+ enterprise brands over years. Converting Probabilistic Signals Into Verified Purchase Behaviour This is arguably the most important thing Marigold brings, and it goes to the heart of how Zeta’s AI actually works. Right now, Zeta’s platform builds consumer profiles by ingesting billions of behavioural signals — someone visits a running shoe website, opens an email about trainers, clicks a Facebook ad for sportswear. The AI then assigns a probability that this person is in-market for athletic footwear. It’s inference. The model is making its best educated guess based on observed behaviour, and those guesses are genuinely good — that’s Zeta’s core value proposition. The fundamental problem with probabilistic data is noise. Someone browsing running shoes might be buying a gift. Someone who clicks a sportswear ad might have fat fingered their phone. When you’re building predictive models on top of these signals, you’re stacking inference on top of inference, and error compounds at every layer. Zeta’s models are calibrated against this, but it’s an inherent ceiling on accuracy. Loyalty transaction data removes the inference entirely. When a customer scans their loyalty card at checkout, you now know with certainty: this specific person bought this specific product at this specific price on this specific date. There’s no probability distribution around it - it happened. That’s an entirely different category of data. The reason this matters so much for AI model quality is a concept called ground truth. Machine learning models need verified outcomes to train against — they need to know what actually happened so they can learn what signals predicted it. Right now, Zeta has to use proxies for ground truth: a click, a conversion pixel, a form fill. These are imperfect. SKU-level loyalty data gives the model something it almost never gets in adtech — a direct, clear link between a consumer identity, the signals that preceded their purchase, and the exact product they actually bought. [1/2]

Goood Morning X☕️☀️ We have a GREAT earnings week ahead of us Today: > Verizon $VZ Tomorrow: > Fair Isaac Corp $FICO 👀 > Visa $V > Coca Cola $KO > S&P Global $SPGI > Spotify $SPOT > Starbucks $SBUX > RobinHood $HOOD Wednesday: > Alphabet $GOOGL / $GOOG > Amazon $AMZN 👀 > Microsoft $MSFT 👀 > Meta Platforms $META 👀 > Nebius Group $NBIS Thursday: > Apple $AAPL > Eli Lilly $LLY > Shift4 Payments $FOUR > Sandisk Corp $SNDK > Mastercard $MA > Zeta Global $ZETA ✅ Friday: > Exxon Mobil $XOM > Chevron $CVX 👀 = watchlist ✅ = in portfolio

$ZETA CFO Chris Greiner on a recent interview with @TheRonnieVShow discussing Zeta’s growing net revenue retention (NRR) 2024: 114% 2025: 120% “You’re delivering outcomes that your customers cannot get anywhere else” $ZETA reports Q1’26 earnings in 5days💰

Zeta Global $ZETA reports earnings next week, outside of the beat and raise, these are the things to watch beyond revenue growth 1. Gross profit growing faster than revenue - the clearest sign of operating leverage. If $ZETA’s gross margin expands as revenue scales, the platform economics are working. 2. FCF conversion trending up - FCF as a % of revenue rising = they’re generating real cash, not just accounting profit. 3. Net Revenue Retention (NRR) holding steady or rising. Existing customers spending more without proportional spend to retain them. The cleanest unit economics signal in the business. Zeta reported 120% NRR last quarter. 4. Capital intensity bending the right way - revenue growing faster than capex + investment spend combined. Historically ZETA has needed more capital per dollar of growth — the key question is whether that ratio is finally flipping. 5. Incremental ROIC improving (Not the blended ROIC figure) — the marginal return on each new dollar invested. Rising incremental ROIC = value creation. Flat or falling = the growth treadmill. 6. Sales and Marketing growing slower than revenue - If S&M costs keep pace with or outrun revenue growth, customer acquisition economics are deteriorating. 30th April = 19th Consecutive beat & raise✅

What Zeta Global Actually Does — and Why Claude Can’t Displace It Most people know $ZETA as an “AI marketing platform,” but that phrase doesn’t fully capture what the company actually does. $ZETA is the AI Marketing Cloud — it brings together identity, intelligence, and omnichannel activation into one system, built on one of the largest proprietary consumer databases in the industry. In practical terms, that means three things working in sync: 1.Identity resolution: Zeta identity graph ties deterministic identifiers to recognise both known customers and anonymous visitors across channels and devices — mapping what they buy, what they value, and when they’re most likely to engage. 2.Intent scoring: The platform can detect the precise moment a consumer is ready to engage, using proprietary signals, market trends, and competitive intelligence. Zeta acts in near real time decisioning, where competitors cannot. 3.Omnichannel activation: All that intelligence is then activated across email, paid media, CTV, mobile, and social — from one unified platform. Why tools like Claude (or any large language model) aren’t direct competitors to Zeta Claude can think, write, and reason. But it can’t own data, execute campaigns, or close the feedback loop. •Zeta’s moat is its data layer — trillions of proprietary consumer signals collected over nearly two decades. Claude has no proprietary data; it only interprets what it’s given. •Zeta can deploy campaigns in real time across multiple channels. Claude can’t activate marketing — it only assists with content creation. •Zeta’s system includes a continuous performance feedback loop, improving with every campaign. Claude has no persistent memory or learning feedback from client data. Yes, generative AI is expanding — especially in creative orchestration — but Zeta already embedded its own generative layer — ZOE (Zeta Opportunity Engine), AI Agent Studio, and most recently Athena by Zeta, built in partnership with OpenAI to maintain feature parity while keeping its true differentiator: deep data integration. The OpenAI partnership is a perfect example of Zeta using LLMs as a tool inside its platform, not competing with them. As third-party cookies are deprecating, brands are desperately seeking first-party data. Zeta’s Data Cloud boasts approximately 240 million US consumer profiles, each with over 5,000-7,000 attributes. Their data is never shared with external large language models and remains entirely within their ecosystem. This unique approach sets them apart and serves as their defensible moat.

$ZETA already has a market leading ROAS of 600% Now Athena is integrated (since end March 2026 for ALL enterprise clients), $ZETA are targeting a 1000% ROAS As David Steinberg puts it: “We are the disrupter not the disruptee” AI can’t replicate hundreds of millions of people’s first party data or accurately signal intent from it. $ZETA ’s proprietary data cloud, and the trillions of signals it produces is the differentiator here. Over time this will become clear.

$ZETA is trading at ~2x 2026 revenue while guiding ~35% YoY growth. That’s the tweet.

Oh boy. It’s shaping up to be an interesting week in the markets! 💥❗️

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You’re given $10,000 to invest in one of these stocks, under the terms that you invest it today, then have to wait 10 years to check back in. Which one are you choosing? $CSU.TO $CSU $BN $FICO $MELI

MercadoLibre $MELI is the only publicly listed company in the world to have grown revenue over 30% for the last 28 consecutive quarters. They’ve helped achieve this by reinvesting into the business for sustained long-term growth. This time is no different. $MELI is in the middle of another margin sacrifice phase. Driven by:  • Aggressive Shipping Subsidies: Lowering free shipping thresholds in Brazil to defend market share against Asian competitors like Shopee and Temu.  • Credit Expansion: Scaling their credit card portfolio (which just grew over 80% YoY) to lock users into their ecosystem.   • 1P Expansion: Moving more into "First Party" retail (buying and selling inventory themselves), which has lower margins than the marketplace model but ensures better supply and customer experience. On top of this $MELI just announced $3.4 billion of investment into Argentina, the funds will be used to develop new distribution ‌centers, ⁠improve technology on its platform and to continue to grow their fintech arm Mercado Pago. While the stock hasn’t performed well over the last five years, it’s gained a remarkable +1,355% over the past decade. This surpasses the returns of five of the major tech stocks: $AMZN $AAPL $GOOGL $META $MSFT. $MELI is following its proven growth strategy of reinvesting profits. Management are seasoned capital allocators, the company remains highly profitable with 28 consecutive quarters of 30%+ revenue growth (reaccelerating to 45% in the most recent quarter) I’ll happily ignore the analyst downgrades, that question their deliberate margin compression, and continue adding shares here. 🤝🏼

Check out these 3 clips below, from a great interview with $ZETA CEO David Steinberg On AI disrupting enterprise software [1/3]

dLocal $DLO is slept on.