Motley Fool Money — The Week Growth Wasn’t Enough For Wall Street

Date: February 13, 2026
Host: Travis Hoyam
Analysts: Jason Moser, Lou Whiteman

Episode Overview

This episode dives deep into the heart of earning season, offering a rapid-fire tour through the quarter's most impactful reports from disruptive and popular companies. The team unpacks why robust growth wasn’t enough to excite Wall Street this week and dissects the underlying investor sentiments driving sharp stock moves—both up and down. The analysts explore valuation versus growth, expectations for mature “tech” businesses, and how AI-driven disruption is reshaping entire sectors, from SaaS to logistics.

Key Discussion Points & Insights

1. Cloudflare: Premium Valuation and Sustained Growth

• What Cloudflare Does ([01:06])

  • Primarily a content delivery platform focused on application development and cybersecurity, including post-quantum cryptography.
  • Quote: “It does a little bit of a lot of stuff, but primarily it's seen as a content delivery platform... cybersecurity.” — Jason Moser ([01:06])

• Financial Highlights

  • Revenue grew 34% for the quarter, outpacing guidance.
  • Large customers (>$100K/year) surged, up 42% and now 73% of total revenue.
  • Net expansion rate: 120%, up from 111% Y/Y.

• Valuation Concerns ([03:12])

  • Stock trades at 30x sales (down from a peak of 100x), with a 5-year growth rate of 38%.
  • Quote: “One of the primary risks… is the valuation itself.” — Jason Moser ([03:43])

• Takeaway:

  • As long as top-line growth remains robust, market pays a premium. But the moment growth slows, a steep selloff could ensue.

2. Airbnb: Maturing Into a Lodging Company

• Quarter Recap ([04:30])

  • Missed earnings, but shares rose as expectations were already low.
  • Guided to double-digit revenue growth in 2026.

• Shifting Identity

  • Increasingly seen as analogous to Marriott: “A mature lodging business, asset-light... not going to be a high growth stock.” — Lou Whiteman ([04:32])

  • Experiences—a much-ballyhooed new segment—has underwhelmed.

    • Quote: “I've kind of given up on Experiences as a new rocket ship.” — Lou Whiteman ([04:32])

• Competitive Moat ([06:29])

  • Community of trust may protect against competitors like Booking.com.
  • “Maybe that's an okay place to be” amidst AI-driven uncertainty. — Travis Hoyam ([06:29])

3. Shopify: Growth Strong, Valuation High, AI the Next Horizon

• Quarter Numbers ([07:07])

  • Revenue up 30%; GMV surpasses $100 billion.
  • $2B share repurchase, but only a small fraction of market cap.

• Valuation vs. Growth

  • Trades at ~150x earnings, with a 32% five-year annualized growth rate.
  • Quote: “Shopify has at least earned that leap of faith that the market is taking.” — Jason Moser ([07:07])

• AI Focus

  • Heavy reinvestment in AI for merchant efficiency and advertising.
  • Analyst skepticism over definitions: “It's funny to see the AI companies explaining what agentic commerce means. As a normie user... Plan a trip for me... No, you're not. You're not.” — Travis Hoyam & Jason Moser ([21:56])

• Market Environment

  • Even strong growth doesn’t guarantee stock gains; context and expectations matter:
    • “If that same headline was last summer, stock up 15%. Now, it's flat or down.” — Lou Whiteman ([08:57])

4. Ferrari: Headwinds Despite a Luxury Brand

• Highlights ([09:26])

  • Beat lowered estimates, shares rebounded but remain down 20% since October.
  • Margins and growth stalling due to model changeovers.
  • Still trades at premium multiples (>30x earnings).

• Market Caution

  • “You got a huge waiting list... jack up prices. I don't get why it's not working.” — Lou Whiteman ([09:35])

5. Spotify: Path to Profitability

• Quarter Numbers ([10:39])

  • Monthly active users up 11%, premium subscribers up 10%, premium revenue up 8%.
  • Operating margin improved to 15.5% (from 11.2%).

• Stickiness

  • Broad user base; profitability inflection.
  • “Even a mass exodus at these levels probably wouldn't have that great of an impact.” — Jason Moser ([10:39])

6. Pinterest: Vulnerable to Ad Pullbacks ([11:56])

• Quarter Recap
  • Stock down 22% post-earnings. Revenue grew 14%, but missed expectations.
  • Blamed tariffs for ad sales slowdown; analyst skeptical this is the whole story.
  • Quote: “Does this sort of indicate that Pinterest is low on the priority level for ads?” — Lou Whiteman ([12:01])

7. AI 'Disruption' Bloodbath Hits Trucking and SaaS ([14:25])

• Market Mayhem

  • Trucking and logistics stocks tanked after a tiny AI platform company announced an efficiency breakthrough.
  • Quote: “A company that six months ago sold karaoke machines announced an AI platform... will increase trucking efficiency by 300%.” — Lou Whiteman ([14:38])
  • Sectors are selling off on mere AI press releases, often with little substance. “If this system is half a quarter of what they say it is... someone should buy them for $200 million today.” ([15:52])

• Big Picture

  • The market is “sell first, ask questions later” on AI disruption across industries.

• Real Challenges for Disruption ([17:48])

  • Adoption lag in logistics (many customers still using paper or rotary phones).
  • “Companies have agency — they can react to innovation, not just be disrupted by it.” — Travis Hoyam ([16:52])

• Autonomy Skip?

  • Discussion on trucking: Will we leapfrog to autonomous long-haul trucking, as India skipped to 5G phones? ([18:50])

8. "Falling Knife or Fresh Look?" Segment ([20:50])

Shopify

• Take: Worth a fresh look due to durable opportunity and past comebacks, but valuation remains a risk. ([21:19])
• Agentic Commerce Skepticism: Consensus is that actual consumer use-cases may be overblown for now.

Workday

• Take: Some concern over back-end AI automation; strong moat, but keeping a watchful eye. Valuation is now more compelling.
  • Quote: “I don't see rubble. If you make me say one or the other, I would say worth a fresh look...” — Lou Whiteman ([25:50])

Adobe

• Take: In value territory (PE now 11 forward, 4x sales), but AI image tools are an existential risk. Still, professionals are likely to remain sticky for now.
  • Quote: “I don't think it is a falling knife...they have the wherewithal to respond competitively and utilize AI.” — Jason Moser ([29:34])

Intuit

• Take: Regulatory/regression barriers protect the business. AI could enhance, not threaten, TurboTax. Consumer inertia strong.
  • Quote: “I just think most people hate the idea of having to deal with doing their taxes.” — Jason Moser ([33:38])

Notable Quotes & Memorable Moments

• On Market Overreaction to AI:
  “We have seen just a bloodbath in sectors this week just because companies we had never heard of have introduced AI tools that are going to disrupt. I believe in AI... As investors it's good to take a long term perspective and not just sell off on these press releases.”
  — Lou Whiteman ([15:52])

• On Shopify Valuation:
  “I think Shopify has at least earned that leap of faith that the market is taking. I mean, it has grown revenue 32% annualized over the last five years.”
  — Jason Moser ([07:07])

• On Changing Tech Cycles:
  “Even a mass exodus at these levels probably wouldn't have that great of an impact.”
  — Jason Moser, on Spotify user scale ([10:39])

• On Agentic Commerce:
  “It's funny to see the AI companies explaining what agentic commerce means. As a normie user... really, I'm just going to let it go. Plan a trip for me... No, you're not. You're not.”
  — Travis Hoyam & Jason Moser ([21:56])

Stocks on the Radar ([38:01])

Jason Moser: Twilio (TWLO)

• Cloud communications, strong Q4 (revenue +14%, customer base up).
• Operating profitability up 300% Y/Y; net expansion rate 109%.
• Included in JP Morgan’s “AI resilient” software list.
• “Ship Chandler really has done just that. ... Twilio is doing a good job of building on top of that AI layer to ultimately make their business better.” ([38:01])

Lou Whiteman: QXO (QXO)

• Brad Jacobs' new roll-up in building supplies.
• Major acquisition (Kodiak), strong diversification, paid less than 1x sales, 7x EBITDA post-synergies.
• Quote: “This is a formula that's worked really well for Jacobson shareholders. The machine is up and running.” ([39:53])

Timestamps for Essential Segments

• Cloudflare Earnings Deep Dive: [01:06] – [03:43]
• Airbnb: Narrative Reset & Maturity: [04:30] – [06:29]
• Shopify's Growth and Valuation Discussion: [07:07] – [08:49], [21:19] – [24:16]
• Spotify and Pinterest Update: [10:39] – [12:59]
• AI Disruption in Trucking & Logistics: [14:25] – [19:34]
• Falling Knife or Fresh Look Segment: [20:50] – [36:12]
• Stocks on the Radar: [38:01] – [41:03]

Episode Tone & Style

Informal, analytical, and slightly irreverent—true to The Motley Fool’s tradition, with lots of good-natured skepticism and consumer perspective (“AI-drenched” market, “agentic commerce as the next buzzword,” and playful digs at naming conventions and long-winded tech forecasts).

Bottom Line

Even stellar growth didn't guarantee stock gains this week—valuation, expectation resets, and looming AI disruptions ruled Wall Street's mood. The team offers sharp warnings against overreacting to AI vaporware while identifying genuine long-term opportunities and company resilience in a volatile, hype-driven environment.

Curious Investors May Want to Reference:

• [03:43] – Cloudflare’s valuation dangers
• [07:07] – Shopify’s AI investment & share repurchase
• [14:38] – The “AI disrupts logistics” bloodbath
• [21:19] – Shopify and agentic commerce debate
• [25:50] – Workday as a sleeper value recovery
• [29:34] – Adobe’s existential challenge from AI
• [33:38] – Intuit’s moats and AI adaptation
• [38:01] – Twilio as an “AI resilient” pick
• [39:53] – QXO and the Brad Jacobs model for roll-up success

This summary captures the episode’s core insights, giving both context and actionable ideas for investors navigating this season’s volatile, AI-obsessed markets.