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Broadcom Inc. is a global technology company, which designs, develops, and supplies semiconductors and infrastructure software solutions. It operates through the Semiconductor Solutions and Infrastructure Software segments. The Semiconductor Solutions segment refers to product lines and intellectual property licensing. The Infrastructure Software segment relates to mainframe, distributed and cyber security solutions, and fibre channel storage area networking business. The company was founded in 1961 and is headquartered in Palo Alto, CA.

Broadcom Inc

Broadcom is trending as investors react to a massive long-term agreement with Google and Anthropic to supply next-generation custom AI chips and infrastructure through 2031, reinforcing its role as a central pillar of the AI hardware ecosystem. The community is actively debating the stock's future revenue runway and the broader sector rotation, while closely monitoring how these strategic partnerships influence its competitive standing against other semiconductor leaders.

MercadoLibre, Inc. engages in the development of an online commerce platform with a focus on e-commerce and related services. It operates through the following geographical segments: Brazil, Argentina, Mexico, and Other Countries. The Other Countries segment refers to Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Panama, Peru, Bolivia, Honduras, Nicaragua, El Salvador, Guatemala, Paraguay, Uruguay, and the United States of America. Its products provide a mechanism for buying, selling, and paying as well as collecting, generating leads, and comparing lists through e-commerce transactions. The company was founded by Marcos Eduardo Galperin on October 15, 1999 and is headquartered in Montevideo, Uruguay.

MercadoLibre Inc

MercadoLibre is trending as the community debates a sharp divergence between the stock's recent price volatility and its underlying long-term growth story in Latin American e-commerce and fintech. Investors are actively discussing the impact of heavy logistics reinvestment on short-term margins, while many highlight the firm's dominant market position and durable ecosystem moat as a prime opportunity for long-term accumulation despite current market pressure.

NVIDIA Corp. engages in the design and manufacture of computer graphics processors, chipsets, and related multimedia software. It operates through the following segments: Graphics Processing Unit (GPU) and Compute & Networking. The Graphics segment includes GeForce GPUs for gaming and PCs, the GeForce NOW game streaming service and related infrastructure, Quadro and NVIDIA RTX GPUs for enterprise workstation graphics, virtual GPU, or vGPU, software for cloud-based visual and virtual computing, automotive platforms for infotainment systems, and Omniverse Enterprise software for building and operating metaverse and 3D internet applications. The Compute & Networking segment consists of Data Center accelerated computing platforms and end-to-end networking platforms including Quantum for InfiniBand and Spectrum for Ethernet, NVIDIA DRIVE automated-driving platform and automotive development agreements, Jetson robotics and other embedded platforms, NVIDIA AI Enterprise and other software, and DGX Cloud software and services. The company was founded by Jen Hsun Huang, Chris A. Malachowsky, and Curtis R. Priem in April 1993 and is headquartered in Santa Clara, CA.

NVIDIA Corp

Nvidia is capturing intense market attention as investors weigh the stock's role as a foundational AI infrastructure play against the rising risks of geopolitical instability and long-term export constraints. While bulls point to robust data center demand and technological leadership, the community is deeply divided over whether the stock's valuation is fully supported by future earnings or increasingly vulnerable to macroeconomic volatility and supply chain shifts.

Gold.com, Inc. engages in the trading of gold, silver, platinum, and palladium bullion numismatic coins, and related products. It operates through the following segments: Wholesale Trading and Ancillary Services, Direct-to-Consumer, and Secured Lending. The Wholesale Trading and Ancillary Services segment is involved in the distribution and purchasing of metal products from sovereign and private mints. The Direct-to-Consumer segment provides access to a multitude of products through its wholly owned subsidiaries. The Secured Lending segment includes coin and precious metal dealers, investors, and collectors. The company was founded by Steven C. Markoff on April 9, 1965 and is headquartered in El Segundo, CA.

Gold.com Inc.

GOLD is attracting attention as investors navigate ongoing macroeconomic volatility, while community discussions focus on its role as a strategic hedge amid global uncertainty. Traders are closely analyzing technical indicators and structural market shifts, debating whether the current environment favors accumulation or a defensive, wait-and-see approach.

Alphabet, Inc. is a holding company, which engages in software, health care, transportation, and other technologies. It operates through the following segments: Google Services, Google Cloud, and Other Bets. The Google Services segment includes products and services, such as ads, Android, Chrome, devices, Google Maps, Google Play, Search, and YouTube. The Google Cloud segment refers to infrastructure and platform services, collaboration tools, and other services for enterprise customers. The Other Bets segment relates to the sale of healthcare-related services and internet services. The company was founded by Lawrence E. Page and Sergey Mikhaylovich Brin on October 2, 2015 and is headquartered in Mountain View, CA.

Alphabet Inc - Ordinary Shares - Class A

Alphabet Inc Class A

Alphabet is trending as investors react to the company's new TurboQuant technology, which promises significant improvements in AI memory efficiency, alongside a growing legal overhang from court verdicts regarding social media addictive design. While the community is actively debating the potential for long-term margin benefits against the immediate pressure from ongoing litigation and sector-wide volatility, sentiment remains divided between those viewing the pullback as a buying opportunity and those cautious of further technical downside.

SPDR S&P 500 ETF TRUST - Units of undivided interest in SPDR Trust Series 1

Markets are exhibiting significant volatility as participants weigh the geopolitical uncertainty of the Middle East conflict against hopes for an eleventh-hour diplomatic extension. Investors are intensely focused on the potential for energy infrastructure disruptions while debating whether the current price action reflects genuine risk or typical algorithm-driven market manipulation.

SentinelOne, Inc. engages in the provision of endpoint security software that detects, models, and predicts threat behavior to block attacks on any computing device. Its services include vigilance, support, and training. The company was founded by Tomer Weingarten and Almog Cohen in 2013 and is headquartered in Mountain View, CA.

SentinelOne Inc - Ordinary Shares - Class A

SentinelOne Inc

SentinelOne is seeing heightened investor attention and speculative activity ahead of upcoming earnings, with the community actively debating the company's long-term potential as a cybersecurity leader versus its valuation and competitive positioning. Discussions are heavily focused on the stock's potential as a buyout target for major tech firms, the integration of AI-driven security tools, and whether recent price fluctuations offer a strategic entry point or signal broader sector weakness.

IREN Ltd. is a vertically integrated data center business powering the future of Bitcoin, AI and beyond with renewable energy. It is strategically located in renewable-rich, fiber-connected regions across the US and Canada. IREN’s large-scale, grid-connected facilities are purpose-built for the next generation of power-dense computing applications. The company was founded by Daniel Roberts and William Roberts on November 6, 2018, and is headquartered in Sydney, Australia.

IREN Ltd.

IREN Limited

IREN is facing significant selling pressure amid a broader market rotation out of high-growth AI infrastructure and bitcoin mining stocks, compounded by concerns over planned share dilution and geopolitical instability. While the community remains divided, many investors are closely tracking potential hyperscaler deal announcements and capacity milestones as critical catalysts for a long-term recovery.

AST Spacemobile, Inc. engages in building a broadband cellular network in space to operate directly with standard, unmodified mobile devices based on an extensive IP and patent portfolio. It focuses on providing mobile broadband services with global coverage to all end-users, without the need to purchase special equipment. The company was founded by Abel Avellan on May 31, 2017 and is headquartered in Midland, TX.

AST SpaceMobile Inc - Ordinary Shares - Class A

AST SpaceMobile Inc

AST SpaceMobile is currently drawing significant community attention as investors weigh a wave of sector-wide space enthusiasmcatalyzed by recent high-profile launches and SpaceX IPO rumorsagainst broader market uncertainty. Enthusiastic discussions center on the company's expanding carrier partnerships and Meta's recent executive visit, though the community remains divided between those expecting a major breakout ahead of upcoming satellite deployments and skeptical voices concerned about capital burn and macroeconomic headwinds.

ARK ETF Trust - ARK Innovation ETF

ARK Innovation ETF

The ARK Innovation ETF is trending as investors debate Cathie Wood's aggressive buying strategy, particularly her recent focus on adding to positions in volatile fintech and crypto-linked stocks despite broader market volatility. Community sentiment remains polarized, with many traders focusing on technical breakdowns and questioning the fund's long-term performance compared to major indices.

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Nifty 50

Nifty Bank

Reliance Industries Ltd.

Zomato Ltd.

Tata Consultancy Services

Tata Motors Ltd.

HDFC Bank Ltd.

ITC Ltd.

Adani Enterprises Ltd

Axis Bank Ltd

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Apple Inc.

Tesla Inc

Microsoft Corporation

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Detailed SoFi Earnings Review from the Perspective of a Shareholder: 
 
1. More Financial Metrics 
 
SoFi Bank (owned by SoFi Technologies) posted a 21% GAAP net income margin and an 11.7% return on tangible equity. 
 
2. Balance Sheet: 
 
Balance Sheet 
-- $3.7 billion in cash &amp; equivalents. 
-- $2.9 billion in debt. 
-- Tangible book value per share is now $3.92. 
 
Share count spiked 12% Y/Y as expected via the capital market deals. As a reminder, the impact of those capital market deals is neutral to GAAP profit per share as the dilution is offset by more profits (via reductions in interest expense). 
 
SoFi’s total capital ratio improved from 15.3% to 17.3% Q/Q due to those same aforementioned capital market deals. It does not plan to use this excess capital ratio leeway (regulatory minimum is 10.5%) in 2024 due to macro uncertainty and pessimism. That could quickly change if the backdrop were to brighten. It has $20 billion in annual origination capacity while staying comfortably over its capital ratio requirements. 
 
4. Annual Guidance &amp; Valuation 
 
SoFi slightly raised its implied revenue guidance, which beat estimates by 1.3%. This still assumes -6.5% Y/Y lending growth and 20% Y/Y tech platform growth. That means the raise is coming from financial services. The capital market deals led to its tangible book value guidance rising from +$400 million Y/Y to +$900 million Y/Y. It reiterated adding at least 2.3 million members in 2024 for 30%+ growth. 
 
From a profit point of view, it raised its annual EBITDA guide by 1.7%, which beat estimates by 3.4%. Finally, it boosted its $0.075 GAAP EPS guide by a penny, which beat estimates by $0.015. This is despite the 12% dilution because, again, the capital market deals were neutral to profit per share. 
 
Quarterly guidance was light vs. analyst expectations across the board. Considering the annual raises, I don’t really care. 
 
SoFi trades for 82x 2024 GAAP EPS with Y/Y EPS growth expected to compound at a triple digit clip through 2025. 
 
5. Call, Release &amp; Presentation 
 
a. Lending Demand, Capital Markets and Loan Fair Value: 
 
Lending continues to be held back by its conservative and uncertain macroeconomic outlook. 82% of this revenue is now from net interest income (NII) vs. 62% Y/Y as it continues to lower blended cost of capital and command resilient yields. Fair value loan value drags and lower servicing revenue offset all NII growth, leading to 0% Y/Y growth for the segment. 
 
The borrower and capital market demand for its credit remains robust, but SoFi expects lending to shrink 6.5% Y/Y in 2024 at the midpoint. Leadership was asked about why their stance is remaining so pessimistic in lending. They called it more uncertain than pessimistic and said they have the demand and ample balance sheet capacity/flexibility to lean into originations if things are better than expected.  
 
A key piece of things actually being better is robust capital market demand… and that demand remains promising. The company was able to place about $1.9 billion in total capital market loan sales during the quarter including $1.26 billion in personal loans. The personal loan sales were executed at a robust 5.7% blended gain on sale margin, while student loan sales were conducted at 4.9%. Both of these sale execution levels are comfortably above the respective current fair value markings on its portfolio. Clear sign of markings being accurate. Personal loans are marked at 104.2% vs. 104.9% Q/Q, while student loans are marked at 103.8%, which is stable Q/Q. 
 
For personal loan capital market transactions, the structure was similar to other recent deals. Most of the premium being paid by capital market buyers is within the servicing rights bucket. There’s also the same loss sharing provision that builds in a loss rate buffer beyond expected levels. 
 
b. Fair Value Inputs: 
 
While it says default rate stayed at 4.8% Q/Q, it did actually rise by a few basis points. 
 
Loan Stats: 
-- $15.06 billion in personal loans held for sale at fair value vs. $15.33 billion Q/Q. 
-- $6.83 billion in student loans held for sale at fair value vs. $6.72 billion Q/Q. 
-- Origination volume overall rose by 22% Y/Y.  
-- Personal originations rose by 11% Y/Y, student by 43% and home by 274% (small base &amp; newer product). 
 
c. Credit Health: 
 
The other big piece of SoFi gaining confidence in getting aggressive with lending again is credit health. As we just highlighted, the very small uptick in personal loan default assumption is encouraging; its borrower quality also remains strong: 
 
-- Personal loan average borrower income of $169,000 and average FICO of 746. 
-- Student loan average borrower income of $146,000 and average FICO of 768. 
-- Average depositor FICO of 744. 
 
Its personal loan net charge off (NCO) rate plummeted, but for a specific reason unrelated to improving credit performance. It sold off $62.5 million in late-stage delinquent personal loans during the quarter. This is rare for them, but they were able to realize “positive value from both recovery and servicing value.” This helped NCO. This also greatly reduced the 3% of outstanding loans from borrowers that it would no longer originate in today’s environment. 
 
90-day student loan delinquency rate was stable at 0.13%. For personal loans, it continued to tick up to 0.72% vs. 0.58% Q/Q as expected. While that’s not ideal, the team remains “extremely confident” in life of loan loss rates peaking at 7%-8% for this cycle and not breaching that previously set target. That is great to hear. There are a few reasons for this conviction beyond cross-cycle underwriting experience. First, the recent upward trend we’ve seen in NCO (excluding the delinquent loan sale) is expected to slow materially. This is because SoFi is experiencing higher prepayment rates and demand for shorter term loans. That means front-loaded net charge-offs, and fewer charge-offs later in loan terms. That front-loading has now largely played out. Furthermore, SoFi’s credit vintages since tightening its parameters in Q3 2022 are showing real signs of strengthening: 
 
-- Q1 2023 vintage has 20% better loss rates over 12 months of loan maturation vs. Q3 2022. 
-- Q2 2023 vintage has 20% better loss rates over 9 months of loan maturation vs. Q3 2022. 
-- Q3 2023 vintage has 40% better loss rates over 6 months of loan maturation vs. Q3 2022. 
 
d. Funding Sources, Balance Sheet Optimization and Net Interest Margin (NIM) 
 
NIM fell a bit Q/Q, but expanded 43 bps Y/Y to 5.91%. The team remains highly confident in NIM staying over 5% for the foreseeable future, just like it said last quarter. Cost of funding optimization is an important part of this conviction. The company pockets an added 226 basis points of margin (vs. 219 Q/Q) when shifting from warehouse-funded credit to deposit-funded credit. Using these deposits to fund loans is one of the main perks of having its charter. It added another $3 billion in deposits during the quarter while adding about a quarter billion in total loans to further optimize its funding structure. This allowed it to shed $2.4 billion in warehouse usage during the quarter. 
 
-- 90%+ of deposits are from direct depositors. 
-- 50%+ of SoFi money accounts are setting up direct deposit by day 30. 
-- Still has $3.9 billion in expensive credit to displace between brokered CDs, warehouse credit and revolving credit. 
 
e. Financial Services: 
 
Financial services continued to rapidly grow by 86% Y/Y and 8% sequentially. And as you can see above, contribution margin is exploding higher too. This is despite losing $100 million annually on its credit card and investment products to perfect and scale the offerings. SoFi is now seeing outperforming credit card loss rates and encouraging traction within that product bucket. Leadership told us on the call that it will aggressively pursue growth here in 2024. 
 
Debit spend tripled Y/Y to $1.9 billion to reach $7.5 billion in annualized spending levels. This is the direct result of its high yield savings account and sticky deposit customers inevitably using their deposits in day-to-day life. SoFi money accounts rose 61% Y/Y to keep top-of-funnel for this debit interchange cross-selling humming. SoFi Invest products in circulation rose by just 1% Y/Y, but rose by 24% Y/Y when excluding the impact of closing its crypto business (had to with the bank charter). Annualized monetization per product continued to briskly rise 31% Y/Y to reach $59. That shows strengthening engagement. 
 
f. Tech Platform: 
 
Growth was driven by strong ramps from new customers including a large bank deal signed in Latin America. Demand was again called strong, but we heard nothing more about the proof of concept with a top 5 U.S. bank. 
 
6. Take 
I’m not going to turn sour on a company or a report because the stock price reacted negatively to it. As I said in the preview last weekend, the stock is about as noisy and volatile as they come. But what was the overall takeaway from that preview? That if the signs of profitable compounding and marching to 2026 targets remained clear, I would remain pleased and patient. That is what happened. SoFi the company is executing at a level that makes me happy to wait out the immensely frustrating price action. 
 
This quarter gave me everything I wanted from a fundamental point of view; reiteration of a 7%-8% peak loan loss rate; more outperformance despite a fair value loan drag this quarter; more rapid leverage; more guidance raises; more success. Works for me.

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@Stockmarketnerd lots of green highlighter for a stock that&#39;s bright red.

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@PugzNoDrugs Feel free to double check results vs. expectations for yourself!

 Feel free to double check results vs. expectations for yourself!

@Stockmarketnerd 
Expectation: at least get back to NAV price of $10 after beating earnings expectations quarter after quarter.

Result: the market is convinced it’s just a bank and deserves a -30% price from NAV (or maybe even lower).

But it literally doesn’t matter what you or I think, market sentiment is everything.

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Expectation: at least get back to NAV price of $10 after beating earnings expectations quarter after quarter.

Result: the market is convinced it’s just a bank and deserves a -30% price from NAV (or maybe even lower).

But it literally doesn’t matter what you or I think, market sentiment is everything.