Asit Sharma

They have deals to bring them in.

Put that together with what the higher-end consumers are doing.

They're power users of AI tools.

Reportedly, they used a lot of AI chatbots this cyber season to find those deals, so the two matched up with each other.

We end up with a 7.7% increase in Cyber Week sales, this online commerce portion.

That's about $44 billion, nearly matching last year's increase, which was just over 8%.

I like this pick on many levels.

I am a fan of the long-term trajectory of the Mexican market.

I like the simpler, consumable selection that you're talking about.

I just got back from a trip to India and realized when I was there, commerce is becoming more and more like the West, but it's still so nice to walk into a store as a consumer and not have a gazillion choices for simple items.

I think that's to the favor of the retailer, good economic model.

Jason, the only thing that worries me here a little bit is that the balance sheet looks a bit stretched.

Working capital is upside down.

Accounts payable is three times the size of inventory, which means they could really be stretching their vendors and their high lease liabilities on the books.

I think operating cash flow looks good, but part of this might be on that inventory payables mismatch I just mentioned.

They seem to have a lot of CapEx needs as they go forward with that store build-out.

Any concerns there that the company might become capital-constrained in the future?

Emily, I am putting a very rule-breakery and, frankly, slightly risky stock on my holiday list for you this year.

Astera Labs is the company, symbol ALAB.

Happy holidays!