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PayPal, once a popular growth stock, would now be worth only $187 from a $1,000 investment made at its July 23, 2021 record high. The company had 439 million active accounts in Q2 2026, just 0.3% growth year over year, as competition and a steady decline in take rates weigh on it, while revenue grew 8% in 2023, 7% in 2024 and 4% in 2025. PayPal is leaning on Braintree, Venmo and monetization of existing users, while cutting costs and buying back shares to lift EPS. The stock trades at about 11 times this year's EPS, versus 87 times the $3.52 EPS at its 2021 peak, and analysts expect 5% revenue and 4% EPS CAGRs for 2025–2028. The author sees limited downside but would only consider buying if the 1% forward dividend yield rose.
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Amazon has agreed to buy billions of dollars of Nvidia GPUs before its data centers have enough power to run them, according to internal August emails obtained by Business Insider. Under a new Early Rack Receipt program, the company is taking delivery of about $5 billion in Nvidia GB300 server racks at U.S. facilities, with plans to accept another $3 billion each month. Because several AWS sites lack the utility capacity to energize servers, some hardware sits idle in warehouses as dark GPUs, tying up capital before it generates cloud revenue. The move comes as Amazon projects roughly $220 billion in capex this year and posted negative free cash flow last quarter for the first time since 2023. An Amazon spokesperson called the staging a best business practice for rapid installation once power arrives and disputed reports that the company lacked a clear path to bring the sites online.
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Switzerland's financial regulator FINMA announced on Tuesday, Oct. 20, that it approved the country's first retail exchange-traded fund investing directly in Bitcoin, classified as an alternative investment fund. FINMA waived the usual risk diversification rules, citing Bitcoin's long trading history and high trading volume compared with other cryptocurrencies. The regulator did not name the fund or its issuer and gave no launch date, though other providers have submitted or announced applications for Bitcoin ETFs. Under FINMA guidance, a Swiss custodian bank generally must hold the fund's Bitcoin, and sales must follow Swiss conduct rules, including warnings about volatility and the risk of losing money. Meanwhile, U.S. spot Bitcoin ETFs were down about $615 million for October through Friday, while BlackRock's IBIT was the only fund with net inflows on Monday, taking in $665.2 million.
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