PSN top downloads for August are out this morning. $EA's Madden 26 tops PS5 in UCAN and $TTWO's Mafia: The Old Country tops PS5 in the EU. Mafia was #3 in UCAN. A positive signal for $TTWO, showing that the portfolio can deliver hits outside of GTA.

Also, from PSN August downloads this morning: In the free-to-play section Delta Force topped the charts in both UCAN and the EU following its August console release. $RBLX at #2 with Fortnite at #3 in both regions.

$SPHR ripping—+30% since we made it active long in late Aug. Sphere experience (Wizard of Oz) selling out, data tracking strong, signal sniffed it early. Signal + data + quads = trifecta. #TheCall Andrew Freedman, CFA 🦅

Weekly Metaverse Tracker update on $RBLX. No change to our Q3 DAU number still 143.3m. Back-to-school beginning to weigh on the trends in our data as expected. Y/Y growth rates still elevated though decelerating.

'Winners Win More' → McCullough & Freedman on Sphere $SPHR 🔊 Don’t sell too early. Our process strips emotion from decision-making—and in today’s market structure, winners win more. As Hedgeye CEO Keith McCullough explains in this clip from The Call @ Hedgeye, it can be

$ORCL RPO ex-OpenAI was $155B (vs consensus $154B) or 56% YoY I realize thinking like this doesn't add much value because OpenAI did happen and the $$$s are there... But the size/concentration does make you question 1) the margin $ORCL is getting on the $300B and 2) the

It is always cool when 2 stocks you cover interact like this. For $SPHR exo-sphere advertising is a driver of AOI upside as its almost entirely margin. For $TTWO the game pipeline is deeper than people think and there are levers other than GTA VI.

The 任天堂株式会社 Direct event this morning was broad in terms of announcements of future content for the Switch 2. Not many read throughs for the large cap US game publishers outside of FC26 $EA coming to the Switch 2 on release. No $RBLX announcement but that was low probability.

Just wow... 🤯 $WBD Warner Bros. Discovery CEO David Zaslov reportedly positioning for a bidding war with a goal of $40/sh valuation - NY Post NY Post, citing a person with direct knowledge of the matter, reports that Zaslov met earlier this week with Goldman Sachs bankers to

#Wrap Call Monday at 2pm ET!

I don't think people appreciate what is going on with $RBLX. The levels of engagement that individual experiences are achieving even during seasonal weakness are truly remarkable. For context the peak CCU count for a steam game is 3.2m by PUBG. SaBR's record is ~7.5x that size.

In other news the Borderlands launch seems to be mixed. It is currently the #1 selling game on Steam and CCUs are trending positively but reviews are mixed with ~62% being favorable. It is currently sitting at #14 in terms of viewership on Twitch. $TTWO.

We published our Metaverse Tracker yesterday on $RBLX. Our DAU estimate ticked up to 144.5m for Q3. We are seeing seasonal declines in the data M/M, but it is less severe than we had been modeling hence the uptick amid the declines. Y/Y growth still very strong.

What people forget is $RBLX is a platform not a game. If the engagement from players is being retained by the platform overall where those users spend their time is of less importance. It is actually healthy for them to be more diversified across experiences than concentrated.

Today at 2pm Andrew Freedman, CFA 🦅 and I are presenting our work on $SPHR after making it an active long on 8/24. We will be discussing revitalization in the Sphere Experience segment with the launch of Wizard of Oz as well as other developments in the business.

Didn't have this on my bingo card for Borderland 4 and $TTWO but it's interesting. Gaming is more mainstream today than it has ever been before.

I am going to be in London 10/28 and 10/29 for client meetings! If you would like to meet please reach out to Pat, myself and/or [email protected].

In our weekly Metaverse tracker for $RBLX our Q3 DAU estimate ticked down slightly to 144.3m. Key element for the week was a return to W/W growth after several weeks of declines in the data we track. Trends looking strong into the last full week of the quarter.

New $RBLX data product, what differentiates this one is the presence of game level D1 retention stat though the comments are indicating it seems inaccurate as of now. That being said according to the site the top games have a mid-teens D1 while the $RBLX app has a mid 30s #.