LikeFolio Weekly Roundup: What Robinhood and Amazon Just Told Us

This is one of our favorite times of the year.

Earnings season gives us a chance to see whether the trends we've been tracking are accelerating or starting to fade.

Stock prices don't always react the way you'd expect. That's why we don't rely on Wall Street's first impression. We compare the results with what our real-time consumer data is already telling us.

This week, the evidence kept stacking up.

Robinhood Markets (HOOD) showed consumers becoming more deeply embedded in its ecosystem. Amazon (AMZN) reinforced that demand for AI infrastructure continues to outpace supply. We'll also revisit Tesla's (TSLA) growing AI foundation and explain why Google's (GOOGL) aggressive AI buildout is creating an even bigger long-term opportunity than Wall Street seems to recognize.

Let's dig in.

Core Conviction Spotlight

Robinhood Markets (HOOD): The Platform Keeps Getting Stickier 

Robinhood delivered another quarter that reinforced why we’re holding it as a Core Conviction stock.

Revenue climbed 32% to a record $1.31 billion. Earnings crushed expectations by nearly 45%. Gold subscriptions reached another all-time high, climbing 39% from a year ago to 4.8 million paying members. 

That last number matters most. 

Every new Gold subscriber is another customer choosing to make Robinhood a bigger part of their financial life. That's the long-term story. 

Crypto revenue fell 38% from last year, but investors were already bracing for something worse. Meanwhile, stock trading revenue nearly doubled and options trading continued to grow, showing Robinhood is becoming much more than a company that rides crypto cycles. 

Our own data tells the same story. Robinhood web visits are up 18% from a year ago – and demand continues to accelerate.  

Consumers aren't pulling back. They're spending more time inside the platform and adopting more of its products. 

We continue to see Robinhood evolving into what we call the "Amazon of Finance." Every new product gives consumers another reason to stay. Over time, that turns a trading app into a financial platform that becomes harder to leave. 

That's the opportunity we're following. Web traffic continues to accelerate, Gold subscriptions keep climbing, and consumers are engaging with more of the ecosystem. 

Stay bullish.

Infinite Hold Updates

Tesla (TSLA): 10 Million Cars – And a Much Bigger Opportunity

Tesla reached another major milestone this week: the company has now built 10 million electric vehicles.

That's an incredible jump from the one million mark just six years ago. More important, it represents something Wall Street often overlooks.

Every Tesla on the road expands the company's installed base.

Today, that means more potential Full Self-Driving subscribers. Tomorrow, it means more vehicles that can join Tesla's robotaxi network as autonomous technology rolls out. Every car sold becomes another platform the company can monetize for years after it leaves the factory.

Yes, vehicle sales have slowed from the breakneck pace of the past few years.

But Tesla's long-term story has never depended on selling more cars alone. It's about turning millions of vehicles into recurring software, AI and mobility revenue.

That's why we're paying closer attention to the foundation Tesla is building than quarterly delivery numbers.

The company recently reported another strong quarter with 480,126 vehicle deliveries and a record 13.5 GWh of energy storage deployments. Just as important, our Main Street Score for Tesla remains a solid 75 out of 100, comfortably in bullish territory. Consumers continue engaging with the brand even as Wall Street focuses on near-term challenges.

We've said for years that Tesla is evolving from an automaker into an AI and robotics platform. Reaching 10 million vehicles doesn't complete that transition. It gives the company an even larger foundation to build on.

Wall Street is still valuing Tesla largely as a car company. We continue to see one of the world's largest AI platforms taking shape.

Google (GOOGL): Building for the Next Decade, Not the Next Quarter

Google stock pulled back after earnings, even though the business continues firing on all cylinders.

The concern wasn't demand. It was spending.

Management boosted its 2026 capital spending forecast to as much as $205 billion as Google accelerates construction of AI data centers and expands the computing power behind Google Cloud and Gemini. Wall Street immediately focused on what that could mean for near-term profits.

We're looking at the same numbers from a different perspective.

Google Cloud revenue surged 82% from a year ago because demand continues outpacing available capacity. The company isn't pouring another $205 billion into AI infrastructure because it hopes demand will arrive. It's expanding capacity because customers are already knocking on the door.

We've been saying for months that the AI race won't be won by the companies spending the least. It will be won by the companies building the infrastructure everyone else needs.

Our Main Street Score for Google remains an exceptionally strong 88 out of 100, reinforcing what we're seeing across the business. Consumers continue embracing Gemini, enterprises keep adopting Google's AI tools, and Cloud remains one of the fastest-growing businesses in the entire market.

Wall Street is treating higher AI spending as a headwind. We see it as another sign that demand remains far stronger than supply.

Amazon (AMZN): AI Demand Just Keeps Accelerating

Amazon drove the point home with its own earnings this week, and reminded us why it remains an Infinite Hold.

AWS revenue jumped 37% from a year ago to $42.2 billion, one of its fastest growth rates in years. Its backlog now stands at an enormous $496 billion and continues growing at a triple-digit pace.

Amazon also revealed that both its AI business and its custom AI chip business have surpassed a $25 billion annualized revenue run rate. Management responded by increasing planned AI infrastructure spending to roughly $220 billion.

CEO Andy Jassy said planned server capacity for 2027 is already largely booked into 2028.

That's the pattern we're seeing across the AI landscape. The companies building the infrastructure aren't racing to create demand. They're racing to keep up with it.

The market rewarded Amazon with a double-digit gain after earnings. We think the bigger story is what those results say about the next several years. Every new AI application needs computing power to run, and Amazon remains one of the companies supplying it.