Jason Hall

That's a great bull pitch right there, right?

It's most commonly in the U.S.

compared to Twitter or X. iQiyi is a video streaming platform with a business model that's similar to Netflix, only it's struggled to retain growth.

So, not very much like Netflix.

Now, both businesses are comparative failures when stacked up next to Baidu and PDD Holdings.

Toby, when you look at either of these two companies, does one stand out as redeemable to you, or do you think both are uninvestable?

Alright, Emily.

I've got to side with Toby a little bit here.

He hinted at it, but there's some math that screams caution at me about iQiyi.

It spent more money paying interest last year than it earned in operating income.

That's tough to dig your way out of that.

What's the bull case that it can see its way forward in a way where investors actually make money?

Let's move on to Weibo.

Toby, based on your comments, I assume you think investors should pause here and move on to, right?

Emily, I hate to do it again, but taking Toby's side, this is a smaller, less profitable business than it was seven years ago.

Yet another bad quarter.

Is there anything redeemable?

All right.

This has been a lot of fun.

Toby, Emily, thank you both so much for having this fun conversation.