Booking Holdings and Expedia look like a secular short with capped upside as their take rates come under pressure, though probably not within the next 60 days. As with Salesforce, the argument that they could simply run headless will be raised, and the market knows it from SaaS. Take rates should compress first where barriers to bringing inventory online are lowest; the platforms would then respond with aggressive marketing and margin dilution, extending their growth runway somewhat. x.com 

Adobe and Expedia belong on a short list of businesses AI is going to disrupt, a basket better shorted to hedge long exposure than bought as falling knives. Per Barchart, Adobe has fallen to its lowest price in more than eight years, over 70% below its 2021 high, and @AtlasShrug1 finds it hard to see how Booking and Expedia escape AI travel agents. There are many better places to allocate capital. x.com  x.com  x.com 

Cava could become a bargain as investors abandon restaurant and food stocks to chase AI. x.com 

Tesla, Nvidia, CAVA, Costco and Cloudflare look stretched even on optimistic consensus. A DCF valuation of the whole coverage universe, run with Claude on consensus analyst estimates, flags these five as expensive, while Micron and Credo stand out as the most compelling on a risk-adjusted basis given AI infrastructure tailwinds. x.com 

Cava looks like a decent short because rising input costs are about to hit just as consumers get squeezed. Higher energy, urea and fertilizer prices will almost certainly raise food costs, while the stock trades at 114x forward earnings for about 25% expected EPS growth over five years. Much of the recent rally looks like a short squeeze that is likely nearly or already done. x.com  x.com 

CAVA looks attractive near $50, close to its 52-week low, with sales projected to grow more than 20% a year for the next three years. It is still an expensive stock at a P/E above 90. x.com 

Uncertain AI-capex profits and higher oil costs from Iran still threaten US stocks. The SPCX-Nvidia deal brought much-needed overnight inflows to chips and is shifting sentiment, but tech's waterfall decline will not heal with a sharp V-bottom. Be prepared for a big fade. x.com 

Cava's share price looks out of line with the restaurant sector. Restaurants are carnage right now, with Chipotle back at $32, so there is little reason for Cava to hold up here. x.com 

CAVA's results defy restaurant downturn fears: Q1 same-store sales rose 9.7% versus 6.0% expected, helped by its new pomegranate salmon dish, and every Q1 metric beat. The CFO says Q2 comps are tracking in line with Q1, far above the Street's 4.7%, while full-year comp guidance rose to 4.5-6.5% and adjusted EBITDA guidance to $181-191M. Short interest of 13% should add to strength on the beat. x.com  x.com 

CAVA's growth trajectory just doesn't support its current share price, making it a short idea. x.com