Netflix spent $9.9B buying a stock it says the market has wrong. Paid $98. Close: $67, about $3B down on paper. YouTube takes 14.2% of US TV time, Netflix 7.8%. No insider bought. Oct 20: hours watched.

Missed the market this week? These are the stocks behind the week's biggest headlines, and how much they moved. 🟢 Winners $SYNA +18%: ON Semiconductor switched to an all-cash offer, $123 a share $ACN +13%: a record $84.5B in bookings cooled the "AI kills consulting" fear $VICR +10%: raised its Q3 outlook again on royalties from its AI power patents $NVDA +4%: a new all-time high, a $150B buyback and a ~$5.7T market value 🔴 Losers $FICO −23%: a regulator put a $1 rival on equal footing, −27% in one day $WDC −9% and $STX −7%: Toshiba plans to add hard-drive capacity for AI data centers $NKE −5%: full-year profit outlook far below what analysts expected Shrugged off $TSLA: Q3 deliveries beat estimates and the stock jumped 5% on Friday. It still ended the week −0.4%. Insider buy of the week $NYAX: the founder and CEO bought about $7.5M of stock in one week, as the company closed a $350M deal. The backdrop: September added just 29K jobs vs 84K expected. Brent stayed above $100 after Trump rejected Iran's offer to reopen Hormuz. Which move surprised you most? Not financial advice.

Nayax's founder and CEO bought about $7.5M of $NYAX stock in late September. In the same days, the company closed its largest acquisition: IPS, a parking-payments business, for $350M in cash, around a fifth of Nayax's market value. The company's capital and the CEO's own money are now tied to the same deal. Nayax provides payment terminals and software for unattended retail: vending machines, EV chargers, arcades. It has 1.55M connected devices, and revenue grew 30% over the last twelve months. IPS extends that business into parking. The stock remains 36% below its 52-week high, and the reasons are concrete. A subsidiary's cloud account was breached in July. In Q2 the company reported a $10.1M net loss against an $11.7M profit a year earlier, with negative free cash flow. The IPS purchase now takes $350M of cash. Large acquisitions are where investors most often question management's judgment. Here the CEO increased his own position first, buying at $44-45 shortly before the deal closed. The purchase adds only about 2% to a stake he already holds, so it signals confidence rather than proves it. The shares closed at $49 on Friday. What matters next is whether IPS adds growth without straining cash flow, and whether Nayax returns to profit. The coming quarterly reports will answer both. Not financial advice.

These companies raised their dividend every year for 50+ years. Through 2008, Covid and 9% inflation. Some of them pay you 5-8% a year right now. The 20 highest-yielding US Dividend Kings: $UVV 7.9% $MO 6.3% $HRL 5.9% $KMB 5.3% $PEP 4.6% $NWN 4.2% $FRT 4.2% $MZTI 4.0% $BKH 4.0% $SWK 3.8% $ED 3.5% $GPC 3.4% $UBSI 3.3% $PG 3.0% $TGT 2.9% $CWT 2.9% $NFG 2.9% $HTO 2.9% $SYY 2.8% $MGEE 2.7% Put $10,000 across all 20 and you'd collect about $400 a year. A 10-year Treasury pays more today, 5.3%. The difference: a bond coupon never rises, and these payouts have for half a century. The catch: the top yields are usually the stocks that fell the most. Know why before you chase them. Yields as of early October. Not financial advice.

1/2 What scared the market Xenon's main drug is tested for two things: 🔴 Depression: trials paused Sep 18 after psychiatric side effects. Data in 2027 🟢 Epilepsy: untouched, already filed with the FDA The market priced the first. Insiders seem to bet on the second.

4/5 $CRCL : a stablecoin issuer paid in interest Circle issues USDC and holds the reserves mostly in Treasuries. ~95% of revenue is interest on those reserves. Its results depend more on the Fed than on bitcoin:native. Key drivers: USDC growth and interest rates.

3/5 $COIN : an exchange paid on activity Coinbase earns fees on trading volume, whichever way prices move. Quiet markets mean lower revenue. Subscriptions and services, mainly USDC interest and staking, are now ~48% of revenue. Key driver: trading activity.

2/5 $BMNR: an ether treasury with yield BitMine holds ~6M $ETH, close to 5% of supply. Most of it is staked, generating ~$330M a year in rewards. Similar model to MSTR, but built on ether and with recurring income. Key drivers: ether's price and staking yield.

1/5 $MSTR : leveraged bitcoin Strategy holds ~846K bitcoin:native, funded in part by ~$21B of debt and preferred stock. That leverage amplifies moves both ways. MSTR typically rises more than bitcoin and falls more too. Key driver: bitcoin's price.

1/2 So how did Q1 beat? Not with sales: 🔴 Revenue -4%, online -13% 🔴 Converse -28% 🔴 China and EMEA down With cuts: 🟢 Overhead -6%, mostly lower wage costs 🟢 Gross margin +0.6 pts on cheaper logistics The beat came from the spreadsheet, not the shoe store.

1/2 What Vicor actually does An AI chip drinks huge amounts of current. Usually power travels across the board to reach it, and some is lost as heat. Vicor's fix: put the power right under the chip. Shorter path, less heat. Everyone wants that now. To build it, they pay Vicor.