Good morning & happy Wednesday! Today, we're diving into Meta's Q3 earnings to see why Muse, the first AI agent to reach 10M users, now needs permission from Amazon & the big banks that blocked it (the Muse numbers Meta disclosed and the one it withheld, why Meta will charge merchants rather than shoppers, how negative free cash flow is forcing it to monetize early, & the signal that decides whether Meta becomes the broker for agent commerce + bonus deep dives into Claude Commerce Agents, or Anthropic's Merchant-Side Bet on Agentic Commerce and How to Run The One-Person Company on Grok Bot inside), and unpacking Revolut that's finally using its banking licences to lend, and why it wants to keep its loan book close to 6% of deposits when it could go much bigger (why only '151M of its '974M interest income came from loans, how a $115B valuation explains the cap, what my own Revolut mortgage invite in Lithuania reveals about the order it plans to sell credit in, & what to watch for...
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