Runners: what brand did you buy for your last TWO pairs, and what made you go back? Nike reports Oct. 1. I’m more interested in repeat purchases at full price than a turnaround slogan. On, Hoka, Nike, something else? Tell me what actually earned the second sale. $ONON $DECK $NKE

Robinhood’s next test isn’t whether it can attract beginners. It’s whether customers still need to leave when they get serious. Next week’s summit is focused on active traders. Better tools could turn growing account balances into a retention story. $HOOD

An Apple angle worth digging into: Klarna provides Apple Upgrade leases. The Duo starts at $1,999, or a lease from $57.99/month for 24 months. Apple gets a smaller-looking price. Klarna gets the financing relationship. Who gets the better economics?

I’ll 100% be ordering an iPhone Duo. The bear case is “nobody needs a folding phone.” I don’t need one. I want one. That’s a pretty familiar Apple business model. $AAPL

I had 3 different digital assistants monitoring my flight. All 3 missed the meal-selection cutoff, even though the airline emailed me about it. None of them proactively offered to check me in either. I guess we’re not living quite as far in the future as I thought.

MARK ZUCKERBERG SAYS META'S $META MUSE AI WILL BE FREE, AND META WILL MAKE MONEY BY TAKING A CUT OF WHAT YOU BUY THROUGH IT "We believe that Muse will make you money. And we're standing behind this by making Muse free for a huge number of tokens, with the expectation that over time we will profit by taking a small fee from transactions." Muse already has agentic checkout through Shop Pay on every Shopify $SHOP store.

Hmm. Muse Tamagotchi?

Bought $META Monday after playing with Muse all weekend. Now Zuck gets the stage at Connect tonight. My question: can Meta make AI something people reach for all day without thinking about it? Winning the habit could matter more than winning the benchmark.

I expect Amazon and Muse to figure out shopping. That’s a bet, not an announcement. Meanwhile, Meta is already a massive AWS customer. I’ve owned $AMZN for decades. AI agents look less like an existential threat and more like another customer.

You don’t have to convince someone to buy a Tesla to get them into a robotaxi. A cheap, convenient ride is a much lower commitment than buying a car. That’s why I think judging robotaxis by how people feel about owning a Tesla misses the opportunity. $TSLA

I met Muse, then bought $META. Everyone thinks the trade is $META. The real trade is $AMZN. nitter.net/i/broadcasts/1rGmqpnoQ…

We’re live 🚨

Nscale reported $140.6M in first-half revenue and more than $1B in net losses. AI demand can be real AND the equity can be a bad deal. Before buying the next infrastructure IPO, ask how much of the upside belongs to shareholders after everyone else gets paid. $NSCL

Amazon reportedly blocked Meta’s Muse from shopping on its site. Meanwhile, AWS supplies infrastructure for Meta’s AI. Compete for the customer. Get paid to serve the competitor. This is why the AI trade is more interesting than picking one winner. $AMZN $META

What’s a product you now pay for every month that you didn’t even know you needed two years ago? That’s a more interesting investing starting point than another list of “10 stocks to buy.” Especially if you’d be annoyed to lose it.

I’m gonna need a few more tokens. Code: 1EEYXH muse.ai/join

HOOD Summit is Sept. 29–30. The announcement I’d care about most: something that makes Robinhood your primary financial account. Getting people to place another trade is useful. Getting them to move their financial life is a much bigger prize. $HOOD

The Nvidia bear case keeps running into customers. Nebius is raising rental prices even on older Nvidia chips. That doesn’t prove $NVDA is cheap. But “those GPUs will be worthless soon” is a harder argument when people are paying more to use them.

Oura is targeting a $15.6B IPO valuation. Selling people a ring is one business. Getting them to pay every month to interpret their own bodies is a much better one. The question: durable health habit, or the next fitness gadget in a drawer? (I’m sticking with my $AAPL Watch & stock.)

“AI will kill consulting” is getting awkward. Anthropic is bringing Accenture inside the lab to evaluate its AI. Each expects to invest at least $1B over five years. Replacing the workers might be easier than replacing the people who sign off on the work. $ACN