Sean D. Emory
Founding Partner & CIO of Avory & Co., Avory Foundational ETF (AVRY)
Block's Neighborhoods can become real infrastructure for local commerce as its map fills up. With Cash App owning the wallet on the buyer side and Square the operating system on the seller side, Block gains visibility across the whole local transaction loop. Once that network is established, the number of products Block can build on top of it becomes meaningful. x.com
Block is a midline bottom-fishing opportunity as it shifts from a payment tool to an AI-powered financial ecosystem. After more than four years of basing, the stock decisively broke above its 200-week moving average, and a breakout from the range could send it sharply higher. Strong 2026 guidance, consensus Buy ratings and expanding margins support it, with the current $65 area offering a margin of safety ahead of May 7 earnings. x.com
CoreWeave's debt-funded GPUs make financing costs central to its business, while credit markets now price severe distress. Its five-year CDS reached 1,194 basis points on October 15 and remained near 1,145 last week, implying roughly 60% default odds over five years. If yields fall after the FOMC yet shares cannot hold $50, the balance sheet deserves more scrutiny than the macro backdrop. x.com
Block may be hurt rather than helped if small businesses get Muse-like AI agents, because such agents could destroy its software margins and value proposition, which sit on top of commodity hardware and payments. x.com
CoreWeave's plan to reach insurer capital by improving its credit rating runs into the very reason credit ratings exist: assessing credit risk. A report says the company is courting insurers to lower financing costs for AI chips and infrastructure. Management says investment-grade ratings on more chip-backed debt could lift CoreWeave's own rating and open insurers' capital pools. x.com
S&P Global looks very bullish after TCI's Chris Hohn expressed strong confidence in growth at the ratings agencies. Per the call notes, investment-grade ratings are supported by the AI buildout, sub-investment-grade by huge maturity walls, and Hohn believes the market is wrong to reprice these businesses lower as yields rise. x.com
Block is not investable because its CEO is incompetent. x.com
Block's weekly chart shows bullish momentum, with a clear sequence of higher highs and higher lows supported by steady whale accumulation. Momentum stays intact while price closes above $80.7, the level of the longest momentum bar; a close below it would signal lost momentum. x.com
Block's problems trace to CEO Jack Dorsey, who should not be running the business. Per CoinDesk, Dorsey says the 4,000 job cuts were a permanent restructuring to replace middle management with AI, not cost reduction. That looks like AI-washing, and if Block really had anywhere near 4,000 middle managers among about 10,000 full-time staff at end-2025, it is a huge red flag. Dorsey is to blame for the over-hiring, the layoffs and the mess, and remains destructive to shareholder value. x.com x.com
Companies relying on memory for non-AI products face margin pressure and shortages as AI data centers outbid them for finite memory supply. Their stocks are already being trounced on supply and margins rather than consumer demand. Exposed names include Intuitive Surgical, Boston Scientific, Medtronic, ResMed, Sony, Nintendo, Whirlpool, Best Buy, Alarm.com, GM, Ford, Toast, Shift4, Block, HP, Apple, Hasbro and Mattel. High memory prices, not oil, make stagflation a serious risk. x.com