Editor's Note: Larry Benedict — the hedge fund legend who beat the S&P 500 by 18 times in 2025 and made his clients $95 million during the 2008 crisis — says Trump's installation of a new Federal Reserve chair is triggering the most significant shift in U.S. markets in nearly 20 years. He has already identified the one ticker he believes will be at the center of the money flows — and he's revealing it completely free. Click here to see the details or read more below…
Dear Reader,
President Trump’s hand-picked Fed chair is about to be sworn in…
They're already calling it the "Warsh Shock."
And Wall Street is scared.
Nearly half of the world's biggest money allocators are already repositioning for what they expect to be the most volatile market in years.
But for Larry Benedict, there is nothing shocking about it.
Click here to see how Larry is playing the Warsh Shock.
Larry is a 40-year trading veteran.
He went on a 20-consecutive-year winning streak and made his clients $95 million during the 2008 crisis.
He has spent his entire career learning to read the market when the Federal Reserve changes direction.
He says the Warsh Shock is setting up the most predictable wealth-building window he's seen in 20 years.
He has already identified the single ticker that he believes will capture billions of dollars during this transition — and he's recorded a briefing that explains exactly what to do.
Click here to see Larry's full briefing on the Warsh Shock and get his ticker today.
Best wishes,
Lauren Wingfield
Managing Editor, The Opportunistic Trader
P.S. Larry says this is the clearest setup he has seen in 20 years. The window is open now — but not for long. Get the full details here.
GameStop’s $2 Billion Buyback Sends a Confusing Signal to Investors
Author: Thomas Hughes. Article Published: 6/10/2026.
Key Points
- GameStop announced a $2 billion share buyback while pursuing a hostile takeover of eBay, raising questions about its capital allocation strategy.
- Fiscal Q1 revenue rose 14% to $835 million, beating estimates, as collectibles grew 65% and core earnings hit a company record.
- Short interest near 14% and institutional accumulation of roughly 30% of shares suggest a short-covering rally is possible following strong Q1 results.
- Special Report: The Biggest IPO Ever: Claim Your Stake Today
GameStop (NYSE: GME) has announced what would otherwise be a very bullish $2 billion buyback, but investors should remain skeptical.
The company sold those shares not long ago, building capital for its next move. Assuming it follows through on the repurchases, investors are left to wonder what is really going on.
Before SpaceX goes public, watch this tiny supplier closely (Ad)
When the railroads launched in the 1860s, Andrew Carnegie didn't profit by riding the trains - he got rich owning the steel rails they ran on. The same dynamic may be playing out today around the anticipated $1.75 trillion SpaceX IPO.
Analyst Michael Robinson has identified a tiny, under-the-radar supplier - just 1/60th the size of SpaceX - that he believes sits at the center of Elon Musk's broader AI infrastructure buildout. Once SpaceX goes public this June, Robinson argues Wall Street will inevitably spotlight this overlooked vendor.
Watch Robinson's presentation and see the details before the IPO window closesThe reality is that GameStop’s board appears to be trying to game the market, trigger a short squeeze, and get its stock back in motion.
$2 billion is a lot of money, worth more than 20% of the early June market cap, and a strong signal of board confidence. GameStop also ended the quarter with $8.4 billion in cash, including cash equivalents and marketable securities, so it clearly has the balance sheet capacity to execute a sizable buyback.
However, with eBay (NASDAQ: EBAY) still, unwittingly, on the table, using $2 billion to repurchase shares appears out of step with the company’s broader strategy. Analysts are already doubtful the company can pull off a takeover. As it stands, eBay’s board rejected the bid, but GME CEO Ryan Cohen is pursuing it anyway. What started as a 5% stake in February 2026 has grown to about 7.8% ownership through stock and options.
The irony is that investing in eBay is among Mr. Cohen’s best moves as GameStop’s CEO. The stock is up approximately 30% from its February average, driven by its impressive turnaround. eBay is aggressively integrating AI, driving higher engagement, ads, and ad revenue while focusing on its most lucrative niche markets, including collectibles. It benefits from increased exposure even if GameStop is unsuccessful.
Assuming success, the next question is execution, which is another questionable part of this story and could lead to disappointment for both companies. So, $2 billion in share buybacks is a good thing, but only if GameStop follows through.
GameStop Returns to Growth, Collectibles Leads
GameStop posted a solid fiscal Q1, with revenue up 14% to more than $835 million, beating analyst estimates of $767 million. The strength came entirely from collectibles, as the core hardware and software businesses continued to contract.
Hardware sales fell by more than 3%, led by a 13% decline in software sales, while collectibles grew by 65%. Collectibles accounted for nearly 42% of revenue and will be the critical segment going forward. Gaming hardware is unlikely to disappear, but games are shifting toward more cloud-based applications, meaning a smaller market for legacy products, hardware, and software.
Margin news was the bright spot in the report. GameStop’s revenue improvement was amplified by operational efficiencies, resulting in significant bottom-line strength.
Core earnings grew by a triple-digit amount to set a company record, even when adjusted for one-offs. Looking ahead, the company will likely remain profitable, raising another question: if GameStop is on track for sustained improvement, why does it need eBay, other than to gain more exposure?
The balance sheet brings more good news. The solid quarter led to positive cash flow and an increase in capital reserves. Total company liquidity, excluding any credit lines, is approximately $9.7 billion, roughly equal to the company’s market cap. Debt is also up, but remains very low, at less than 1x equity.
A Short-Squeeze Is Possible
Analysts, institutional, and short-interest data suggest a short-covering rally, if not a squeeze, is possible.
Analyst coverage remains virtually non-existent, with only two tracked by MarketBeat. With one Sell and one Hold rating, the consensus rating is Reduce, but there was some optimistic chatter following the fiscal Q1 earnings release.
Skepticism about the share buyback was offset by comments on unexpected revenue and earnings strength and what they may mean for future quarters.
Institutional data is more clearly bullish, with institutions owning approximately 30% of the stock and accumulating shares. Low ownership or not, accumulation is a bullish sign that can put pressure on short sellers.
Short interest is the critical factor. It remains elevated at around 14% as of early June, enough to cap gains in the absence of a bullish catalyst. The fiscal Q1 results provide such a catalyst and may lead to covering in upcoming quarters. Until then, GME shares are more likely to trade within the established range as clarity on the company’s goals, strategy, and execution develops.
Risks for GameStop include eBay and its turnaround. As a larger, more effective competitor, eBay’s established business has regained traction. It can dominate the collectibles market and has AI to help it. If GameStop can’t buy eBay or develop a way to compete, the stock price will remain under pressure until something changes.
Catalysts include advancing the eBay plan, continued traction in the core business, and a rebound in Bitcoin. Down more than 40% since purchase, Bitcoin’s performance has a significant impact on the company’s total value and the return it received on its capital. The cash balance is enormous but came at the cost of shareholder value; BTC losses erode that value.
Microsoft Just Gave Investors 3 Dates They Can't Afford to Ignore
Author: Chris Markoch. Article Published: 6/11/2026.
Key Points
- Microsoft Build 2026 showcased the company's vision for agentic AI, but investors remain focused on whether Copilot can generate enough revenue to justify record AI infrastructure spending.
- Three upcoming events—Q4 FY2026 earnings, Microsoft Ignite 2026, and Q1 FY2027 earnings—could provide critical evidence that Microsoft's AI monetization strategy is gaining traction.
- Even if Copilot adoption accelerates, Microsoft's $190 billion capital expenditure plan and ongoing infrastructure constraints remain important risks for investors to monitor.
- Special Report: The Biggest IPO Ever: Claim Your Stake Today
Microsoft Corporation (NASDAQ: MSFT) turned heads at its Build 2026 conference in June by introducing an ambitious platform vision. Specifically, the company is reframing Copilot as a multi-layered agentic system spanning productivity, development tools, and enterprise knowledge.
Analysts have been waiting for Microsoft to map out a vision for Copilot beyond a chatbot in its productivity suite. But the initial reaction from investors is skepticism. MSFT is down almost 10% since the conference, and the stock remains in the same general downtrend that’s been in place since October 2025.
Before SpaceX goes public, watch this tiny supplier closely (Ad)
When the railroads launched in the 1860s, Andrew Carnegie didn't profit by riding the trains - he got rich owning the steel rails they ran on. The same dynamic may be playing out today around the anticipated $1.75 trillion SpaceX IPO.
Analyst Michael Robinson has identified a tiny, under-the-radar supplier - just 1/60th the size of SpaceX - that he believes sits at the center of Elon Musk's broader AI infrastructure buildout. Once SpaceX goes public this June, Robinson argues Wall Street will inevitably spotlight this overlooked vendor.
Watch Robinson's presentation and see the details before the IPO window closesThere isn’t one single reason for the stock’s slide. But Copilot is part of it. When Microsoft reported Q3 fiscal year 2026 (FY2026) earnings on April 29, the company disclosed that paid Microsoft 365 Copilot seats had crossed 20 million. That was up from 15 million just one quarter earlier.
The stock still fell. Investors aren't waiting for more features. They want proof that the company’s record capital expenditure, now projected at $190 billion for FY2026, is translating into durable revenue. Build 2026 gave investors a calendar to follow. Here are the three dates that will tell them whether it's working.
Date #1: Q4 FY2026 Earnings (July 29, 2026)
CFO Amy Hood was explicit on the Q3 call: Copilot seat growth will accelerate again in the September quarter, and GitHub is where management expects revenue growth rates and consumption models to produce visible top-line acceleration.
Microsoft is expected to deliver Q3 FY2026 earnings on July 29. The number worth watching is average revenue per user (ARPU) in M365 Commercial Cloud. Microsoft 365 Copilot has driven ARPU higher through E5 seat upsells, but that lever has limits.
If usage credits, which are the consumption layer on top of seats, begin contributing meaningfully to ARPU in Q4, it signals that the agentic model is monetizing on schedule. If ARPU is flat despite continued seat adds, the consumption thesis has not yet proven itself.
Investors will also want to watch for any agent-specific revenue disclosure. Management has not yet separated Copilot Studio or agent-workflow revenue in public guidance. An initial breakout would be a significant signal.
Date #2: Microsoft Ignite, November 17–20, 2026
Ignite is where Microsoft's enterprise product announcements get priced and deployed. Build tells developers what the platform is becoming. Ignite tells IT departments and their procurement teams what it will cost and when it ships. For investors, three specific disclosures would move the thesis:
Frontier Tuning GA date and pricing. Private preview at Build means enterprise sales teams can't close deals on it yet. A GA announcement at Ignite, with pricing, converts pipeline into bookings.
Copilot Studio agent billing structure. Agents built in Copilot Studio currently consume message credits. How Microsoft evolves this toward outcome-based or consumption pricing will determine margin structure for the agentic layer.
Microsoft IQ enterprise tier pricing. Work IQ, Fabric IQ, and Web IQ are live, but large enterprises will need defined pricing tiers and data residency commitments before deploying at scale.
Historically, Ignite has produced the most impactful enterprise pricing news Microsoft releases all year. In an agentic AI cycle, 2026's conference may be the most consequential since the original M365 Copilot launch.
Date #3: Q1 FY2027 Earnings (~October 2026)
This is the first earnings report in which Build 2026 features could meaningfully register in revenue. The September quarter (ending Sept. 30, 2026) will include a full quarter of Microsoft IQ's general availability. More importantly, it will be the first quarter where Copilot seat acceleration is reported rather than guided.
Analyst forecasts have agentic AI revenue exceeding Copilot assistant revenue by Q2 FY2027. Q1 FY2027 earnings will be the first test of that prediction. If consumption revenue is beginning to separate from seat-based M365 Copilot revenue in the disclosures, the structural shift is underway. GitHub Copilot's revenue line will also be worth watching because management specifically named it as a leading indicator.
The Risk That Doesn't Go Away
Even if Microsoft meets all those milestones, the company’s CapEx trajectory may still be an unavoidable counterweight to the Copilot platform story. At $190 billion for FY2026, the company has committed to infrastructure at a scale that requires durable AI revenue.
The Noise May Be an Opportunity
Like many technology stocks, MSFT is down as investors begin to rethink their exposure to tech for a variety of reasons. Most of those reasons are likely just noise. These calendar dates are tangible benchmarks for investors to consider.
That said, the short-term bad news is that MSFT could test its 52-week low as selling pressure increases. The good news is that, because the current sell-off is sector-driven and not isolated to Microsoft, there's a strong possibility of a bullish correction. The stock is trading over 41% below its consensus price target of $561.20. If the stock were to hit that level, it would mark a new all-time high.
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