AkhenOsiris
OpenAI launches GPT-5.1 Instant and Thinking, upgrades to its troubled GPT-5 flagship and adds more personalization features to ChatGPT.
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AkhenOsiris
Probably a fair question to ask, is Anthropic-sourced revenue considered more "reliable" for lack of a better word due to the largely enterprise clientele?

@PythiaR @obsidiancap1 @SemiAnalysis_ If they’re basing it on fake OpenAI RPO then thy have another thing coming - TrumpGrift Capital🇺🇦
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AkhenOsiris
Axios Exclusive:

A bipartisan group says the government will need to establish a larger footprint in the private sector to shore up America's AI and other technology sectors — or put national security at risk.

Why it matters: It is the new consensus among some business leaders and former Trump and Biden-era economic officials.

Without government intervention, the group says the nation risks potential exploitation by China and other adversaries.

https://t.co/cNDfOUFzdi
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AkhenOsiris
$AMZN

In an email to Business Insider, Amazon spokesperson Griffin Buch said the company's grocery business now serves more than 150 million customers with nearly 3 million grocery and everyday items. In the first half of 2025, Amazon's everyday essentials, which include groceries and household goods, grew nearly twice as fast as all other categories in the US, Buch added.
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Dimitry Nakhla | Babylon Capital®
$BRO hasn’t been this cheap in nearly a decade https://t.co/0DTpsQqs7k
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Dimitry Nakhla | Babylon Capital®
A quality valuation analysis on $ICE 🧘🏽‍♂️

•NTM P/E Ratio: 20.98x
•5-Year Mean: 22.29x

•NTM FCF Yield: 5.06%
•5-Year Mean: 4.85%

As you can see, $ICE appears to be trading slightly near fair value

Going forward, investors can expect to receive ~6% MORE in EPS & ~4% MORE in FCF per share🧠***

Before we get into valuation, let’s take a look at why $ICE is a quality business

BALANCE SHEET🆗
•Cash & Equivalents: $850M
•Long-Term Debt: $17.36B

$ICE has an OK balance sheet, an A- S&P Credit Rating & 6.03x FFO Interest Coverage

RETURN ON CAPITAL🆗
•2020: 7.8%
•2021: 8.6%
•2022: 8.3%
•2023: 7.5%
•2024: 8.5%
•LTM: 9.3%

RETURN ON EQUITY🆗
•2020: 11.4%
•2021: 19.2%
•2022: 6.6%
•2023: 10.0%
•2024: 10.5%
•LTM: 11.5%

$ICE has decent return metrics as the company relies heavily on acquisitions

REVENUES✅
•2015: $3.34B
•2025E: $9.89B
•CAGR: 11.46%

FREE CASH FLOW✅
•2015: $1.12B
•2025E: $3.97B
•CAGR: 13.49%

NORMALIZED EPS✅
•2015: $2.43
•2025E: $6.90
•CAGR: 11.00%

SHARE BUYBACKS❌
•2015 Shares Outstanding: 559.00M
•LTM Shares Outstanding: 576.00M

MARGINS✅
•LTM Gross Margins: 100.0%
•LTM Operating Margins: 49.6%
•LTM Gross Margins: 32.4%

***NOW TO VALUATION 🧠

As stated above, investors can expect to receive ~6% MORE in EPS & ~4% MORE in FCF per share

Using Benjamin Graham’s 2G rule of thumb, $ICE has to grow earnings at a 10.49% CAGR over the next several years to justify its valuation

Today, analysts anticipate 2026 - 2028 EPS growth over the next few years to be slightly more than the (10.49%) required growth rate:

2025E: $6.90 (14% YoY) *FY Dec

2026E: $7.50 (9% YoY)
2027E: $8.36 (11% YoY)
2028E: $9.45 (13% YoY)

$ICE has a great track record of meeting analyst estimates ~2 years out, but let’s assume $ICE ends 2028 with $9.45 in EPS & see its CAGR potential assuming different multiples

25x P/E: $236.25💵 … ~15.9% CAGR

24x P/E: $226.80💵 … ~14.4% CAGR

23x P/E: $217.35💵 … ~12.9% CAGR

22x P/E: $207.90💵 … ~11.3% CAGR

21x P/E: $198.45💵 … ~9.8% CAGR

As you can see, we have to assume ~22x earnings for $ICE to have double-digit CAGR potential

At 24x - 25x, $ICE can CAGR near the mid-teens

$ICE is a high-quality business with a wide-moat & generates ~65% of total revenue from their exchanges revenue — the other ~35% from fixed income & data services revenue & mortgage technology

Though $ICE has traded for an average ~22x multiple over the past 5 years, I believe it’s justified for it to trade for 24x - 26x given its predictability & moat, among other things

$ICE is also still founder led — Jeff Sprecher (Founder & CEO) continues to be a brilliant leader with strategic foresight & a strong track record of executing complex integrations

Today at $153💵 $ICE appears to be a good consideration for investment with a decent margin of safety

#stocks #investing
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𝐃𝐈𝐒𝐂𝐋𝐎𝐒𝐔𝐑𝐄‼️

𝐓𝐡𝐢𝐬 𝐜𝐨𝐧𝐭𝐞𝐧𝐭 𝐢𝐬 𝐩𝐫𝐨𝐯𝐢𝐝𝐞𝐝 𝐟𝐨𝐫 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐚𝐧𝐝 𝐞𝐝𝐮𝐜𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐩𝐮𝐫𝐩𝐨𝐬𝐞𝐬 𝐨𝐧𝐥𝐲 𝐚𝐧𝐝 𝐝𝐨𝐞𝐬 𝐧𝐨𝐭 𝐜𝐨𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐞 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐚𝐝𝐯𝐢𝐜𝐞, 𝐚𝐧 𝐨𝐟𝐟𝐞𝐫, 𝐨𝐫 𝐚 𝐬𝐨𝐥𝐢𝐜𝐢𝐭𝐚𝐭𝐢𝐨𝐧 𝐭𝐨 𝐛𝐮𝐲 𝐨𝐫 𝐬𝐞𝐥𝐥 𝐚𝐧𝐲 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐲.

𝐁𝐚𝐛𝐲𝐥𝐨𝐧 𝐂𝐚𝐩𝐢𝐭𝐚𝐥® 𝐚𝐧𝐝 𝐢𝐭𝐬 𝐫𝐞𝐩𝐫𝐞𝐬𝐞𝐧𝐭𝐚𝐭𝐢𝐯𝐞𝐬 𝐦𝐚𝐲 𝐡𝐨𝐥𝐝 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐝𝐢𝐬𝐜𝐮𝐬𝐬𝐞𝐝. 𝐀𝐧𝐲 𝐨𝐩𝐢𝐧𝐢𝐨𝐧𝐬 𝐞𝐱𝐩𝐫𝐞𝐬𝐬𝐞𝐝 𝐚𝐫𝐞 𝐚𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐝𝐚𝐭𝐞 𝐨𝐟 𝐩𝐮𝐛𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐬𝐮𝐛𝐣𝐞𝐜𝐭 𝐭𝐨 𝐜𝐡𝐚𝐧𝐠𝐞 𝐰𝐢𝐭𝐡𝐨𝐮𝐭 𝐧𝐨𝐭𝐢𝐜𝐞.

𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐡𝐚𝐬 𝐛𝐞𝐞𝐧 𝐨𝐛𝐭𝐚𝐢𝐧𝐞𝐝 𝐟𝐫𝐨𝐦 𝐬𝐨𝐮𝐫𝐜𝐞𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞𝐝 𝐭𝐨 𝐛𝐞 𝐫𝐞𝐥𝐢𝐚𝐛𝐥𝐞 𝐛𝐮𝐭 𝐢𝐬 𝐧𝐨𝐭 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞𝐝 𝐚𝐬 𝐭𝐨 𝐚𝐜𝐜𝐮𝐫𝐚𝐜𝐲 𝐨𝐫 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐞𝐧𝐞𝐬𝐬. 𝐏𝐚𝐬𝐭 𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐝𝐨𝐞𝐬 𝐧𝐨𝐭 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞 𝐟𝐮𝐭𝐮𝐫𝐞 𝐫𝐞𝐬𝐮𝐥𝐭𝐬. tweet

Finding Compounders
Peter Lynch on Spin Off’s

Don’t Mistake a Spin-Off for a Throaway https://t.co/c3G96Tsqmm
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