Ben Gilbert × David Rosenthal

Home Depot’s extraordinary compounding rests on a differentiated specialty-retail system: tradespeople, 25,000 SKUs, supplier-financed inventory, and scale that once produced four times Lowe’s transactions.With 51% of a $300 billion market and a 42-year median U.S. home age, its logistics moat supports 2–24-hour delivery, while SRS integration and paused buybacks remain key milestones to monitor.

David Senra × Luca Ferrari

Bending Spoons is a buy-to-hold-forever operator, producing $3B in run-rate revenue at 54–55% adjusted operating income margins through acquisitions and deep integration.Evernote's headcount fell from 350 to about 20, while revenue now exceeds $100M and product velocity is at least three times faster, demonstrating the operating model's leverage.Diagram and Alt Spooner point to further productivity gains, while fewer, larger deals and the unresolved IPO timeline remain important execution signals to monitor.

Harry Stebbings × Matteo Franceschetti

AI is letting Eight Sleep scale output: engineers direct hundreds of AI engineers, while email marketing generates close to $100M with a team of zero and paid media produces $200–300M with two people.Watch whether this productivity supports the three-year target of 250 people making a billion, amid talent retention, Anthropic’s cost curve, regulation, and model self-learning risks.

Andrew Walker × Alberto Vadia

Tiendas 3B brings Aldi/BİM’s hard-discount model to Mexico with roughly 3,700 stores, 1,000 SKUs, and over 60% private label.Organic distribution-center “cell division” supports expansion, while Vadia says halved 38% growth over two to three decades could produce a potential 100×.The key risk is whether two-year payback survives 15,000 stores as produce adds complexity and Mexico risk remains.

Koji × 陈安妮

快看漫画将Level从“漫画加AI”转向AI原生的实时世界，让用户作为角色介入由自主agent运行的“命运”，区别于Chatbot和斯坦福小镇的旁观式体验。剔除AI投入后主业已盈利、超过50%收入来自IP衍生，而此前为精品内容主动承担一两个月内数据可能下跌30%的代价；Level能否以更低token成本持续提供高质量体验，是商业化关键。

Beezie × Andrea Miele × Tuomas (Tuom) Holmberg

On-chain collectibles are accelerating: Collector Crypt reached roughly $400M in June and $300M in July versus $20M the prior July, while Beezie surpassed $200M.Discounted sourcing, sub-10% take rates and roughly 55 turns for lower-tier assets support liquidity, while Beezie’s Web2 partnership and unresolved token-ownership and regulatory questions frame the opportunity and risk.

李翔 × 马智勇

摇滚编年史以时间线和强IP打造差异化演出，但开票即上市，企划决定约80%的结果，盐城票房又受大环境、档期与阵容观感拖累。音乐节供需双杀或推动行业出清，来福岛以5000—8000人上限、去艺人化和低价服务对冲艺人价格泡沫，而AI平台化、版权与内容反噬仍是长期变量。

Anish Acharya × Jen Kha

Frontier AI is becoming a many-winners market: xAI moved from non-contender to one of three in two weeks while OpenAI, Anthropic and others grow through specialization.Rising B200 per-hour prices indicate constrained supply and essentially infinite demand, but coding agents threaten integration moats; open-weight models may capture bounded-upside workloads as cheaper consumer software awaits an AI-native app store.

David George × Grant LaFontaine

Live commerce’s US share is still in the “single digits” versus 30-40% in China, with Whatnot arguing that $0 global storefronts can expand demand rather than merely shift offline sales online.Over $8B in sales last year and so far this year, 95-minute daily engagement, and seller EBITDA margins of 20, 30, 40-plus percent make category expansion and trust-and-safety execution key tests.

Harry Stebbings × Andrew MacDonald

Uber’s AI efficiency story is less about line-item ROI than tighter headcount constraints: a 30-person team cut pricing allocation from 15 hours to 2 and marketing QA from two weeks to two days.MacDonald calls autonomy existential and Uber One a compounding consumer lever, while cheaper modes, the pending Delivery Hero deal, and AV dollar-share concentration shape the next growth and competitive tests.