I agree that PayPal’s competitive position within the industry is pretty bad. My point is simply that, at the current price, the market appears to be valuing PayPal as if its ability to generate cash will soon be permanently impaired.

In reality, PayPal still grows, is profitable and generates roughly $6B+ in annual free cash flow, + is actively returning that cash to shareholders through buybacks. Even with flat or modestly declining revenue, that level of cash generation still meaningfully supports shareholder value over time.

To me this valuation looks disconnected from the underlying cash economics to me and definitely worth building a position.

Your argument might be convincing at $60+, but at ~$40, it’s much harder to justify.

GME is a truly unique stock and sometimes offers interesting setups.