• How Axon Becomes the Next Mega Cap in the AI Economy
    2026/10/26

    Taser is the boring part of Axon's business, Shay says, and it still grew about 20% last quarter. Body cameras grow in the low single digits, but Shay treats the camera as the sensor that creates the data everything else on the platform needs. Brad calls the network of tasers, body cams, fixed cameras and drones a sensor army, and says it does not feel like there is a serious rival.

    Shay owns Axon as a top five position in his family portfolio. He believes it is going to be the next mega cap in the new AI economy, and he asks Brad what he thinks about Axon becoming a mega cap one day.

    They get into what Axon is, body cams and the data, AI and the Era Plan, Dedrone and the drone business, Axon 911, international and enterprise, and the risks, starting with trust and the backlash against Flock.

    Shay is very bullish. He has kept adding this year and says he is now close to break even on the position. Brad's general view is bullish. He calls Axon one of those elite compounders, and he says he loves this company.

    Tell the guys which stock deserves the next deep dive.

    Watch the full episode with chapters on YouTube: https://youtu.be/pjmgKlWqPJQ

    New episodes every Monday on The Deep End.

    Nothing in this episode is investment advice. Shay discusses his own portfolio, and he owns Axon, Kratos, Ondas and AeroVironment. Brad's general view is bullish.

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    45 分
  • Ondas Is Building the Next Anduril With 20 Acquisitions in 2 Years
    2026/10/19

    Two years ago Ondas did $7 million in revenue, Shay says. Its revenue target for this year is $525 million to $550 million, and most of that is bought. Management spent the last 18 months buying businesses across counter drone, long endurance surveillance, precision strike, ground robotics, manufacturing and the software that ties them together. The share count went from about 106 million in March 2025 to about 571 million in August 2026.

    Shay has owned Ondas for two years. Brad came to it with fresh eyes. They call it one of the more polarizing names in the retail community, and Shay says that is what makes the stock exciting and also difficult to underwrite. The question the episode keeps coming back to is whether this collection of businesses can operate as one company.

    They get into how the counter drone business takes over a hostile drone and lands it, the rest of the product suite, why drone demand is rising now, what makes Ondas stand out, the competition from Axon, AeroVironment, Kratos and Anduril, and the risks, starting with dilution.

    Shay added to his position the day they recorded, and he is bullish. He calls Ondas a story stock and the most speculative drone holding in his portfolio, a max 4% position that has to earn its way bigger. Brad's general view is neutral. He says so much needs to go right for them, and he likes that management raised its revenue target through the year. Shay closes by saying Ondas bought all the pieces it needs to, and now they just have to prove they built a company.

    Tell the guys which stock deserves the next deep dive.

    Watch the full episode with chapters on YouTube: https://youtu.be/3KNDvcvI5Ok

    New episodes every Monday on The Deep End.

    Nothing in this episode is investment advice. Shay discusses his own portfolio, and he owns Ondas, Kratos, Mercury and AeroVironment. Brad's general view is neutral.

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    44 分
  • The Biggest Investing Opportunity of 2027 Is Hiding in Latin America
    2026/10/12

    Nubank and MercadoLibre have been stuck in mud for years, Shay says. The stock prices have not really gone anywhere, but the businesses have executed in the meantime. MercadoLibre has grown over 30% for 30 straight quarters. Nubank has 62% of Brazil's adults as customers and serves each one for about a dollar a month. The episode was recorded the week Brazil had its best market day since March 2020.

    Fede Sandler joins the guys. He was head of investor relations at MercadoLibre and worked on Nubank's investor relations team through its IPO. Shay calls the two companies the PayPal and Amazon of Latin America, and the question the episode keeps coming back to is why even bother investing in Latin America.

    They get into what Brazil's election means for both stocks, Nubank's moat and runway in Brazil, its move into the US, the MercadoLibre growth engine and why management will not optimize for short term margins, the competition from Amazon and Sea Limited, and Fede's favorite Latin American stock outside these two.

    Fede says Mercado Pago will be more valuable than MercadoLibre itself over time. It has not happened yet, and he says they are getting there. Shay owns MercadoLibre and does not own Nubank, because he feels owning both would be duplicative. His thesis is that Latin America is growing at a rapid pace and is underserved. Brad's general view on both is bullish. He says MercadoLibre will invest as much as it needs to keep compounding, while Nubank puts guardrails on its US expansion.

    Fede is @FedexSTi on X. Tell the guys which stock deserves the next deep dive.

    Watch the full episode with chapters on YouTube: https://youtu.be/rcQrEJKSlOY

    New episodes every Monday on The Deep End.

    Nothing in this episode is investment advice. Shay discusses his own portfolio, and he owns MercadoLibre and does not own Nubank. Brad's general view is bullish. Fede said on the show that Nubank and MercadoLibre are two of his largest holdings.

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    57 分
  • Meta: 'Agentic AI Is Having a ChatGPT Moment'
    2026/10/05

    Meta stock was up about 40% in September, on pace for its best month in 13 years, after Muse launched three weeks before this episode. Shay says agentic AI is having a ChatGPT moment with Muse. Meta already has 3.6 billion daily active people across its apps, and Brad calls that number alone a mic drop moment.

    Shay calls this Meta 2.0. The stock was always discounted under 20 times earnings because it was judged as an ad platform. Now Meta is using that cash flow to fund frontier AI models, personal agents, enterprise software and potentially the next major consumer hardware platform, all at the same time. The question is whether Muse moves Meta from getting paid for creating demand to sitting inside the transaction itself.

    They get into the health of the core ad business, whether Threads is a dud, why Meta can give Muse away while OpenAI and Anthropic have to charge for it, whether people will trust Meta with their data, how Meta pays for about $138 billion of capex this year, the lead in wearables, youth safety and regulation, and Meta's push into enterprise.

    Shay is bullish. He thinks Meta becomes one of the top five most valuable companies in the world, and he says anyone buying Meta is buying for the next five years. His wife studied art and is not in finance, and she now uses Muse every day. Brad's general view is bullish too. He does not expect Meta to take 100% of the consumer AI pie, only its fair share, and he says Meta can outsprint everybody but has to make sure it only wins by a little.

    Tell the guys which stock deserves the next deep dive. Shay is leaning toward a Latin America episode on Nubank and MercadoLibre.

    Watch the full episode with chapters on YouTube: https://youtu.be/tEd_IETk3xc

    New episodes every Monday on The Deep End.

    Nothing in this episode is investment advice. Shay discusses his own portfolio, and Meta is the largest position in his family portfolio. Brad's general view is bullish.

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    48 分
  • Micron: 'We Are Absolutely in a Bubble'
    2026/09/28

    Micron is growing revenue 350% year over year, and Brad points out that its gross margin has gone from 30% to 85% in a few years. In past downturns Apple was able to bargain that margin down below 0%. The stock still trades around five or six times earnings, because the market is still trying to figure out whether this is the greatest memory cycle ever or whether AI has changed the business for years to come.

    You asked for a Micron deep dive in the comments, and Micron reports on September 30. The question the episode keeps coming back to is whether Micron is still a cyclical company. Shay thinks this time it kind of is different. Brad thinks Micron is still very much cyclical and is benefiting from the best cycle anyone has ever seen.

    They get into what Micron used to be, why HBM is one of the most important pieces of the AI compute stack, the strategic customer agreements and their fixed pricing, why management sees supply staying tight beyond 2027, consumer AI and Meta's Muse, NVIDIA using less HBM per GPU, Apple asking to buy Chinese memory, when the bottleneck gets fixed, and the 14 week quarter that could make the next guide look light.

    Brad says we are absolutely in a bubble, and he does not think Micron bulls are done making money in this cycle. He sees way more reason to be optimistic right now than pessimistic, but says bulls should be paranoid and keep looking for signs that the most fun times are over. Shay remains bullish because AI has structurally increased the value of memory inside the compute stack, and he asks why the market pays 19 times earnings for Dell and six times for Micron.

    Tell the guys which stock deserves the next deep dive.

    Watch the full episode with chapters on YouTube: https://youtu.be/wdoKsSEFMu8

    New episodes every Monday on The Deep End.

    Nothing in this episode is investment advice. Shay discusses his own portfolio, and he owns Micron as a trade. Brad's general view is bullish.

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    47 分
  • SoFi: valued like tech, trades like a lender. The bottom of the cycle.
    2026/09/23

    SoFi has 16 million members, more than $45 billion of deposits, and revenue growing around 30%. It is also the biggest dog in Shay's portfolio this year. His read is that the company is being valued like a tech company but still trades like a lender, so the stock moves day to day with rates, credit concerns and lending sentiment. This week the Fed raised rates for the first time in three years.

    This is the first guest episode. Tannor Manson of Future Investing has followed SoFi for years, recently talked to CEO Anthony Noto, and has argued about the stock with Brad in the same group chat for five years. The question the episode keeps coming back to is whether the market is right to treat SoFi like a bank when the business is way broader than that.

    They get into the everything app and the vertical integration behind it, why Brad says SoFi wins because it operates with less money than everyone else, the loan platform business, 90-day delinquencies at 0.40%, what a rate hike does to a bank that pays real interest on savings, what went wrong with Galileo, the capital raises, fair value accounting, and what each of them watches in the Q3 print.

    All three are bullish. Brad says buying SoFi right now is like buying AMD or NVIDIA at the depths of a cycle, with most of the bad news priced in. Tannor calls the company a compulsive sandbagger that still guides to 30% revenue growth and 40% EPS growth over the next three years. Shay is down 20% on his position and still holds it, because the market is not crediting SoFi for making the same customer more valuable over time.

    Tannor is @futurenvesting on YouTube and X. Tell the guys which stock deserves the next deep dive.

    Watch the full episode with chapters on YouTube: https://youtu.be/CaH-bTm1ep8

    New episodes every Monday on The Deep End.

    Nothing in this episode is investment advice. Shay discusses his own portfolio, and he owns SoFi at a loss this year. Brad's general view is bullish. Tannor said on the show that SoFi is one of his larger positions.

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    57 分
  • Nebius (NBIS) is the software neocloud. Both hosts put it ahead of CoreWeave.
    2026/09/14

    Nebius was Yandex, the Google of Russia, for 30 years. After the Russia Ukraine sanctions it sold the Russian assets for almost $3 billion in cash, kept the AI cloud, and relisted in 2024. That AI cloud is now about 98% of revenue, and short term compute is fetching over $40 million per megawatt.

    Episode five was IREN, and the guys wanted the two neocloud cases side by side because a lot of people look at the space and see tomato, tomato. They are really different. The question the whole episode comes back to is whether the software, which Shay calls the moat in the neocloud space, can turn an insane capacity pipeline into real revenue.

    They get into what Nebius actually sells beyond the chip, the hypervisor layer that makes it more like a hyperscaler than bare metal, contracts that went from a little over $10 million per megawatt to over $20 million, how Nebius stacks up against CoreWeave and IREN, the Palantir partnership, and a share count that grew 13% with $8 billion of debt behind it.

    Shay is bullish. Nebius is a top 10 position in his family portfolio, and he expects the stock to stay at a commodity multiple until the first quarter of EBIT profitability, which he puts around early 2028. After that he thinks it becomes a mega cap in the new AI economy. Brad says if you had to own one neocloud it would be Nebius, and he would not have to think hard about it. He still wants to see a profit after depreciation, because to him an EBITDA margin at Nebius is what a gross margin is at another company.

    Next week is leaning SoFi. If you have a better idea, tell the guys which stock deserves the next deep dive.

    Watch the full episode with chapters on YouTube: https://youtu.be/BnS7oZxskoY

    New episodes every Monday on The Deep End.

    Nothing in this episode is investment advice. Shay discusses his own portfolio, and Nebius is a top 10 position in it. Brad's general view is neutral on the stock at this stage.

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    45 分
  • IREN has absurd upside and absurd downside. Both hosts stepped aside.
    2026/09/08

    IREN is one of the top five most polarizing companies on FinTwit, in Shay's words, and the numbers show why. Sell side consensus has revenue going from $3 billion this year to $12 billion two years out. Depreciation eats more than 80% of that revenue base, and there is no free cash flow in the estimates for at least five years.

    Neoclouds combine the fanship of Bitcoin with the fanship of AI, so any negativity makes you enemy number one. Brad and Shay wanted to be fair anyway. The question the whole episode hangs on is whether IREN can physically deliver what customers have already paid for, with about $4 billion of contracted AI cloud revenue sitting against roughly $1 billion actually operating.

    They get into what a neocloud actually is, how IREN stacks up against CoreWeave and Nebius, the cheaper money that comes with Microsoft backed deals, why management stays vague about its frontier model customer, the prepayments that fund half the hardware before a cluster turns on, and a share count that grew 50% in a year.

    Neither host is buying here. Brad thinks IREN needs to thread a needle, flawless execution plus a supply and demand imbalance that holds for a few more years, and if they pull it off shareholders get rewarded like kings. Until then he is watching from the sidelines with a big bowl of popcorn. Shay owned the stock for a year and a half and sold. Sponsoring Golden State Warriors jerseys and buying a marketing company while the business is raising money did not pass his vibe test, and he never once left an IREN earnings call satisfied.

    The guys also took listener questions for the first time this week. Tell them which stock deserves the next deep dive. They pick the company 24 hours before they record, so your comment can steer next week.

    Watch the full episode with chapters on YouTube: https://youtu.be/YPO6IgLtr5M

    New episodes every Monday on The Deep End.

    Nothing in this episode is investment advice. Shay and Brad discuss their own portfolios. Shay sold his IREN position before this episode; Brad does not own IREN.

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    45 分