Zaid Admani

Moving forward, Deckers is guiding for only low teens growth for Hoka's in fiscal 2026.

So that's why Piper Sandler cut their price target to $85 a share, while Baird is a little bit more bullish with their price target sitting at $125.

Currently, Decker's stock is trading around $102 with shares down more than 4% this morning in reaction to the downgrades.

Let's wrap the show with a fun fact.

Web traffic to ChatGPT has dropped 22% since Gemini 3 was launched in mid-November.

According to data from SimilarWeb, ChatGPT's seven-day web traffic went from 200 million down to 158 million in the last six weeks.

Gemini's traffic, on the other hand, has remained flat at around 60 million daily web visitors.

Now, to be fair, this data only tracks web traffic.

It doesn't include mobile apps or API usage or enterprise integrations, which are a huge part of OpenAI's business.

There's also a chance that this is just a holiday slowdown with students being off school and people taking time off work.

So there's less need for ChatGPT to cheat on homework or rewrite emails.

Or it could be an early sign that Gemini is actually making a dent and taking market share from ChatGPT.

And it could explain why Sam Altman declared code red at OpenAI late last year.

I got to say, producer Mike's prediction that Sam Altman would get fired as CEO of OpenAI this year is starting to look a little less crazy.

And if you are listening on Spotify, don't forget to vote in today's Spotify poll.

Leave us a comment on Spotify.

All that engagement really does help us out and it helps other people find the show.

Thank you guys so much for listening, watching, and commenting.

Shout out to Mike and Connor for all the work behind the scenes.

And we'll see you guys back here tomorrow.