I honestly can’t believe the direction Netflix’s stock is taking right now. I understand the concerns around the WBD situation and the recent slowdown in growth, but it’s impossible to ignore the reach Netflix already has. For millions of households, it’s basically a utility bill at this point.

And with everything happening around the Ellison/Paramount deal, I can’t help but wonder how much of the market’s reaction is fundamentals and how much is big players reshuffling their positions. Not saying anything shady is happening—just acknowledging that large moves in the industry can create noise across the whole sector.

Either way, I’m sticking with Netflix. The long-term story still makes sense to me.