In 2025, advertising accounted for just ~7.7% of $DUOL’s total revenue. That is tiny and highlights an untapped monetisation opportunity. As ad quality improves and advertiser demand grows, advertising has the potential to become an increasingly meaningful revenue driver and provide a powerful additional growth engine beyond subscriptions.

This is exactly why $PATH has created Cartographer. Cartographer is designed to capture the full context of end-to-end business processes and convert it into machine-readable enterprise knowledge known as a Map Of Work. The Map of Work is a governed, living description of how an enterprise’s processes actually run, including the formal structure the practical exceptions, judgment calls and institutional knowledge that experienced people use and a record of consequential decisions. It provides both humans and AI agents with the context required to understand not just what data exists, but how the organisation actually uses that data to get work done. Bullish.

Bitcoin Treasury Companies built on Digital Credit have two primary levers to “drive” outperformance relative to $BTC: 1. Increase Bitcoin Per Share. 2. Increase Amplification. Increasing Bitcoin Per Share is the compounding engine. By raising capital accretively and acquiring additional $BTC, a BTC-TC increases the amount of $BTC economically attributable to each outstanding common share. Increasing Amplification is the performance engine. By raising capital to finance $BTC accumulation, a BTC-TC increases the sensitivity of its common equity to changes in the $BTC price. These two levers are distinct but complementary. Bitcoin Per Share determines how much $BTC exposure shareholders have. Amplification determines how powerfully that exposure translates into equity performance. The objective is to compound Bitcoin Per Share while intelligently managing Amplification. One increases the underlying economic value attributable to each share. The other magnifies the potential returns on that value. Together, they create the structural foundation for sustained $BTC outperformance.

Good to see people finally coming round to the fact that $STRC buybacks make more sense than rate increases at this moment in time. We should give people room to change their minds. For anyone with a low time preference who actually looked at the situation holistically, it was obvious from the outset.

One of the most bullish things about $PATH is the sheer size of UiPath’s installed base. But more importantly, it’s what that installed base is actually doing. UiPath arguably has the largest dedicated RPA installed base among specialist vendors, with thousands of enterprise customers already using its technology to automate business workflows. This is an enormous competitive advantage as enterprises transition towards agentic AI. UiPath already has established relationships, integrations and production automations embedded in the very workflows that enterprises now want to make more intelligent. And with Maestro, UiPath has the opportunity to expand from automating individual tasks to orchestrating entire end-to-end workflows. Basically, UiPath can build on existing deployments rather than starting from scratch. Every additional workflow that becomes economically viable to automate creates another potential expansion opportunity. The bigger the agentic automation opportunity becomes, the more valuable UiPath’s existing footprint will become.

In Q2, $PATH’s dollar-based gross retention, which measures the percentage of recurring revenue retained from existing customers before accounting for any expansion, remained at 97%. Management explicitly described the number as “best in class.” In other words, UiPath is retaining virtually all of the recurring revenue already inside its customer base before accounting for expansion. That gives UiPath an incredibly strong foundation to build from.

Strategy has now spent ~$2B buying back $STRC. For those concerned about the scale of these buybacks, here’s some perspective: In April of this year, $STRC raised ~$2.2B in just FIVE trading days. And there will come a time when $STRC raises that amount in SINGLE day. Most of what you’re seeing about buybacks is noise.

In Q2, $PATH raised FY guidance across the board. Following Q1, UiPath expected FY27 revenue of $1.776B–$1.781B, ARR of $2.058B–$2.063B and non-GAAP operating income of ~$430M. It now expects revenue of $1.789B–$1.794B, ARR of $2.065B–$2.070B and non-GAAP operating income of ~$445M. Interestingly, Q3 ARR guidance of $1.992B–$1.997B implies ~$56.5M of net new ARR at the midpoint, versus $37M this quarter. That would represent a 46%–59% sequential increase and is tangible evidence that management expects momentum to strengthen into the second half, which further supports the case for genuine re-acceleration.

The team at $ASST have shown just how badly so many other companies fumbled the Bitcoin Treasury opportunity. In just over a year, they’ve gone from a ~$500M company to a ~$3.5B company and are 1,000 BTC away from becoming the second-largest BTC-TC in the world Quite incredible.

I don’t know who needs to hear this but Strategy is buying back $STRC to create STABILITY in the product. $STRC is designed to be a dependable credit instrument trading around its $100 par value. Persistent price weakness undermines that objective. By stepping in as a buyer below par, Strategy is demonstrating its willingness to support the market for its own product. The more stable and predictable $STRC becomes, the more attractive it will become to investors. And the more attractive it becomes, the easier it should be for Strategy to scale it. This is about establishing $STRC as a reliable, long-term financial product. Think bigger picture.

During the SpaceX earnings call this week, Elon Musk predicted that demand for bandwidth could increase by as much as 1,000x over the next 3–5 years. His reasoning is that AI agents will eventually vastly outnumber humans and consume significantly more bandwidth per agent. This is an incredibly bullish long-term signal for World Mobile. As AI adoption accelerates and billions of autonomous agents, connected devices and machines increasingly communicate with one another, demand for reliable, high-capacity connectivity infrastructure could increase exponentially. Existing telecommunications infrastructure simply isn’t designed to accommodate that kind of growth economically across every geographical region. This is where World Mobile’s infrastructure strategy becomes an advantage. By combining terrestrial and stratospheric connectivity, World Mobile is building a network designed to deliver connectivity across different environments while optimising for coverage, capacity and deployment costs. Even capturing a fraction of the growth in demand for mobile connectivity will represent an enormous opportunity. In short, the world is going to need substantially more connectivity infrastructure and World Mobile is positioning itself to help deliver it.

Earlier this week, SAP's CFO highlighted growing customer concern about where AI models come from and where data is processed. For $PATH, this reinforces an important part of the vendor-neutral thesis. Enterprises need the freedom to choose models based on jurisdiction, security requirements and performance. A model that works well in one country or business process may be unsuitable in another. By allowing enterprises to orchestrate different AI models across different environments while maintaining consistent governance, security and control, UiPath enables them to adopt the most appropriate technology for each use case without becoming dependent on any single provider. As enterprise AI adoption scales, I expect this flexibility to become an increasingly important competitive advantage.

One of the most overlooked advantages in $PATH’s business model is how little it relies on seat-based pricing. AI is likely to reduce the number of humans required to complete many workflows. That creates pressure for software companies whose revenue is tied directly to employee seats. However, UiPath monetises key parts of its platform through server-based and consumption-based pricing. So basically if automation handles more work, UiPath can capture more usage even as customers need less people to do it.

While $PATH growth is not yet explosive, we're seeing major signs of re-acceleration. As I keep saying, we are still early in the agentic AI story. As the category matures, I expect demand to accelerate more meaningfully. On top of that, it’s important to bear I mind that UiPath targets medium and large enterprises with mission-critical workflows, which means deployment cycles take longer. That naturally slows down adoption. During the cloud supercycle, semis led and software followed. We are seeing the same with AI. The opportunity is there. It's now all down to execution.