In short: The loser side of his third ex-ante-unknowable pairing, used to argue for downside protection rather than to rate the stock: "You don't know if you're owning Snapchat or you own Facebook. You don't know. And the losses you can incur can be really steep."
57:59You don't know if you're holding the next Apple or you're holding the next Nokia. You don't know if you're owning Snapchat or you own Facebook. You don't know. And the losses you can incur can be really steep. And so this bubble is going to break because AI is the most transformational technology since the internet.
In short: Reset starts working. Q2 revenue +19% Y/Y to $1.60B (a $70M beat) with GAAP EPS of −$0.10 ($0.02 beat), adjusted EBITDA surging more than 500% to $250M, free cash flow more than quadrupling to $121M and net loss narrowing 38% to $164M; shares jumped more than 10% after hours. The operating leverage is the story: the adjusted cost base grew just 4% against much faster revenue growth, adjusted gross margin reached 59% (just shy of the 60% FY26 target), and April's 1,000-person layoff is expected to remove more than $500M from the annualized cost base by H2. Advertising revenue +9% to $1.28B on better large-North-American-advertiser performance, SMB momentum and AI-powered automation, with Sponsored Snaps gaining traction and ARPU +13% to $3.25 — while the faster-growing piece is direct revenue, Other +85% to $316M on Snapchat+, Memories Storage and Lens+. DAUs 493 million (+5%) and MAUs 971 million, with US growth helped by users over 35, broadening relevance in automotive, healthcare and financial services. Q3 guided to $1.70–$1.74B (~12%) with adjusted EBITDA $300–$350M. The $2,195 Specs AR glasses launch in September — "Snap's largest long-term opportunity" per Evan Spiegel — remain speculative, "but unlike past Spectacles launches, Snap is funding the experiment with a much healthier core business."
In short: "Fail of the week" — CEO Evan Spiegel's $2,000 "Specs" VR glasses, mocked as "the worst product development you could have possibly landed on"; the stock fell on the unveil. "I don't think they're going to sell a single one."
Snap is the company behind Snapchat, run by CEO Evan Spiegel. This is Carlson's "fail of the week." Snap unveiled "Specs," $2,000 augmented-reality glasses it had worked on secretly for over a decade — and Carlson piles on the hardware: enormously thick, bulky frames ("a welding mask") that are stuck awkwardly between a full immersive headset and lightweight smart glasses like Meta's Ray-Bans, so they do neither job well.
The stock fell on the reveal. Carlson mocks Spiegel's worry that competitors will copy the design — "nobody wants to copy these" — and calls it "the worst product development you could have possibly landed on," predicting they won't sell a single pair beyond the ones Spiegel buys himself. The takeaway is a contrast: this is the kind of vanity hardware misfire he sees as the opposite of a focused, profitable franchise like Meta.
24:24his company have a wider moat and a better future. So, as of now, I still remain fully bullish on Meta. Now, moving on. This wouldn't be a complete episode if we didn't mention the fail of the week, which in this case is the CEO of Snapchat, Evan Spiegel, and Snapchat in general. He just came out with this new VR headset that they've been working secretly on for some time.
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