This breakdown is fantasic, especially the deep dive into Branded TPV and Braintree dynamics. The margin expansion story is often overlooked but I think its actully one of the most important parts of the investment thesis here. What really caught my attention is how you framed the OpenAI partnership as the begining of agentic commerce. That could be huge if it plays out, but I'm also a bit worried about execution risk since PayPal has historically struggled with product innovation velocity. Still, the combination of better capital allocation, margin improvement, and now potential revenue catalysts from AI makes this more interesting than it was a year ago.
This breakdown is fantasic, especially the deep dive into Branded TPV and Braintree dynamics. The margin expansion story is often overlooked but I think its actully one of the most important parts of the investment thesis here. What really caught my attention is how you framed the OpenAI partnership as the begining of agentic commerce. That could be huge if it plays out, but I'm also a bit worried about execution risk since PayPal has historically struggled with product innovation velocity. Still, the combination of better capital allocation, margin improvement, and now potential revenue catalysts from AI makes this more interesting than it was a year ago.
Great write up mate well done
I will try and get mine out over the next couple of days
Appreciate it my friend! Hope you’ll share comparable conclusions 🤝