Matt Frankel

One particular point from the earnings call that I found interesting is that the fastest-growing part of Walmart's market share is households with annual income above $100,000, which is a bit of a concern to me that inflation and tariff pressures are really weighing on Americans.

We're seeing those with higher incomes really start to have to cut back.

That was one of the signs we saw before the Great Recession in 2008.

It was why Walmart was the top-performing stock out of the 500 in the S&P during that year.

It could be a sign of a weakening economy.

That's something that I'm keeping a close eye on.

I agree with most of what John said, but I'm a little more toward the win-win idea.

In most cases, and you guys know this just from following the stock market, 90% of the time, the company doing the acquiring falls their stock price, and the company selling an asset or selling themselves gains.

But the market reacting positively for both of these companies tells me that this is a good

deal for both.

In short, investors are happy that eBay is getting Depop, and they're happy that Etsy is getting rid of it.

eBay has the financial and business strength to, let's say, nurture a platform that's growing at 60% year-over-year like Depop is, but is not yet profitable.

Etsy really doesn't.

I do think it is a win-win in a lot of ways for both of these platforms.

I think one key takeaway from all three of these is that consumers are a little under pressure.

I already mentioned with Walmart that Walmart's gaining market share, not just in the higher income brackets, but throughout the spectrum.

That's a little bit concerning that consumers are having to cut back.

I know I didn't weigh in with booking, but even with strong guidance, they're predicting travel demand to fall a little bit year over year.

which I think that just shows that whether or not it was great guidance for booking, it shows that people are a little squeezed and being a little more discretionary about that kind of spending.

And then with Etsy and eBay, the fact that the used clothing retail platform is such a desirable asset, it's growing so fast, it shows that consumers are looking for ways to maybe save a little money.