Brunch Reads – 6/1/25
Welcome to Bespoke Brunch Reads — a linkfest of some of our favorite articles over the past week. The links are mostly market-related, but there are some other interesting subjects covered as well. We hope you enjoy the food for thought as a supplement to the research we provide you during the week.
The filing was the fourth-largest in US history and the largest ever for an industrial company. The company’s stock, once a fixture of blue-chip portfolios, was delisted from the NYSE that same day. Its value had dropped so low that GM was nicknamed “Government Motors” in the days ahead. What followed was a government-led restructuring. The Obama administration orchestrated a $49.5 billion bailout for a 60% stake in the new GM. Factories were shuttered, brands like Pontiac and Saturn were killed off, and more than 20,000 jobs were eliminated. But the move gave GM a second life, eventually reborn with a new IPO in 2010.
AI & Technology
Behind the Curtain: Top AI CEO foresees white-collar bloodbath (Axios)
Anthropic CEO Dario Amodei says we’re on the verge of something huge, and not in a good way. He’s warning that AI could wipe out tens of millions of entry-level white-collar jobs in just a few years, pushing unemployment as high as 20%, and no one in power seems ready to deal with it. The tech is moving fast, companies are already testing human-replacing agents, and Amodei, who’s helping build it all, says if we don’t wake up soon, the fallout could reshape democracy, deepen inequality, and leave most people with no economic role. [Link]
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The Bespoke Report – 5/30/25 – Lawyering Up
To read our weekly Bespoke Report newsletter and access everything else Bespoke’s research platform offers, start a two-week trial to Bespoke Premium. In this week’s report, we take a look at why it’s not a good sign when traders have to rely on lawyers. We also recap the strong market performance in May despite weak showings for bonds and health care, review the improved sentiment signals from a number of economic data releases this week, and where global markets sit after a huge rebound from April lows. Give it a read!
Daily Sector Snapshot — 5/30/25
Q1 2025 Earnings Conference Call Recaps: Costco (COST)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Costco’s (COST) Q3 2025 earnings call.
Costco (COST) operates a global chain of membership-based warehouse clubs offering everything from groceries and fresh food to electronics, apparel, and home furnishings. A standout aspect of its business is the Kirkland Signature private label. With nearly 914 warehouses worldwide, Costco provides insights into consumer behavior, discretionary spending, and value-seeking trends, especially during economic uncertainty. Its membership model generates steady recurring revenue, with US and Canada renewal rates at 92.7%. COST posted strong Q3 results with net income of $1.9B ($4.28 per share), up 13%, and total comp sales rising 5.7% (8% ex-gas/FX). US traffic rose 5.5%, and e-commerce comps jumped 14.8%. Management highlighted tariff mitigation efforts through regional sourcing, continued price investments, and digital expansion, including an Affirm Buy Now Pay Later (BNPL) program and scan-and-go pilots. While inflation in non-foods triggered a $130M LIFO charge, margins benefited from commodity deflation. The stock climbed 4% on 5/30 in response to better-than-expected results…
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Q1 2025 Earnings Conference Call Recaps: Dell (DELL)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Dell’s (DELL) Q1 2026 earnings call.
Dell (DELL) Technologies is a global leader in IT infrastructure, enterprise solutions, and personal computing. Best known for its servers, storage systems, and commercial PCs, Dell also plays a growing role in AI infrastructure, edge computing, and hybrid cloud environments. The company serves a wide range of customers, from governments and Fortune 500 companies to small businesses and consumers, through hardware, software, and integrated solutions. Dell’s deep relationships with partners like NVIDIA, AMD, and Microsoft, along with its end-to-end engineering and deployment capabilities, offer valuable insight into global tech demand trends, enterprise AI adoption, and data center modernization. Dell posted Q1 revenues of $23.4B (+5% YoY) and $1.55 EPS (+17%), fueled by surging AI server demand. The company booked $12.1B in AI server orders, more than the total for all of FY2025, and expects to ship $7B in AI servers in Q2 alone. Its AI pipeline grew across enterprises and sovereigns, now including over 3,000 customers. Despite strong commercial PC demand, the consumer segment remains soft. Tariffs were managed without price hikes, and Dell sees deflationary input costs near term. In response to the report, shares of DELL traded down over 3% in midday trading on 5/30…
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Bespoke’s Matrix of Economic Indicators – 5/30/25
Our Matrix of Economic Indicators provides a concise summary analysis of the US economy’s momentum. We combine trends across the dozens and dozens of economic indicators in various categories like manufacturing, employment, housing, the consumer, and inflation to provide a directional overview of the economy.
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Q1 2025 Earnings Conference Call Recaps: e.l.f. Beauty (ELF)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers e.l.f. Beauty’s (ELF) Q4 2025 earnings call.
e.l.f. Beauty (ELF) is a digitally native cosmetics and skincare company known for its affordable, cruelty-free products targeted primarily at Gen Z and Millennial consumers. Its brand portfolio includes e.l.f. Cosmetics, e.l.f. SKIN, Naturium, Well People, and Keys Soulcare. ELF has grown into a top player in mass cosmetics while expanding rapidly internationally. The company just wrapped its 25th straight quarter of net sales and share growth, driven by a 28% sales increase in FY25 and 60% international growth. The company addressed the impact of newly raised 55% US tariffs on China-sourced goods, exposing $50M in annualized COGS, and discussed mitigation plans via a $1 global price hike, supply chain diversification, and non-US sales mix expansion. A $1B acquisition of Hailey Bieber’s Rhode brand dominated the call, with plans for a Sephora rollout and deeper international presence. Despite macro headwinds, ELF was optimistic, citing standout product launches like Glow Reviver Lip Balm and strong consumer engagement. Historically, ELF has been a triple play machine, with seven straight during a golden age from August 2022 through February 2024. After pulling back almost 20% after last quarter’s weaker results, ELF beat estimates on the top and bottom lines this quarter, helping the stock climb as much as 27.6% on 5/29, on top of the news of the Rhode acquisition…
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Q1 2025 Earnings Conference Call Recaps: Veeva Systems (VEEV)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Veeva Systems’ (VEEV) Q1 2026 earnings call.
Veeva Systems (VEEV) is a cloud software provider specializing in solutions for the global life sciences industry. Its platforms help pharmaceutical and biotech companies manage clinical trials, regulatory compliance, customer engagement, and commercial operations. Veeva’s products include Vault (for R&D and quality management) and Commercial Cloud (for CRM, data, and analytics), with recent moves into AI-powered tools and new applications like Crossix for marketing optimization. It serves nearly all of the top 20 global pharma companies. Veeva surpassed expectations with $759M in revenue. Vault CRM adoption accelerated, with 80+ customers now live and 200 expected by next year. Crossix usage-based revenue was a standout, growing 30%+ and driving commercial momentum. Veeva AI also took center stage. CEO Peter Gassner expects it to improve industry efficiency by 15% by 2030. Despite global unease, management sees no material pipeline weakness. Veeva also outlined plans to expand beyond life sciences with a new horizontal CRM platform, signaling a potentially major market shift. After reporting a triple play, its first since 2021, the stock rose as much as 20% on 5/29. The company has notably topped revenue and EPS estimates in 32 consecutive earnings reports…
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Q1 2025 Earnings Conference Call Recaps: Okta (OKTA)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Okta’s (OKTA) Q1 2026 earnings call.
Okta (OKTA) is a leading identity and access management (IAM) company that provides secure authentication, authorization, and user management solutions for enterprises. Its cloud-based platform enables organizations to manage digital identities across employees, customers, and now increasingly, non-human identities (NHIs) such as AI agents and service accounts. Okta’s core offerings include Workforce Identity Cloud and Customer Identity Cloud (Auth0), serving large enterprises, public sector agencies, and developers. Its impressive growth in areas like Identity Governance, Threat Protection, and AI-integrated tools positions it at the intersection of cybersecurity, digital transformation, and the evolving AI infrastructure landscape. Okta reported a strong start to FY26, with standout growth in new product adoption, a successful rollout of go-to-market specialization, and significant traction in public sector deals (4 of the top 10). The company is heavily investing in securing NHIs, highlighting a near-400% growth in workflow executions over 3 years and upcoming GA launch of “Auth for GenAI.” Management emphasized a cautious outlook due to macro uncertainty but reported no material Q1 softness. Total revenue is expected to grow 9–10% for FY26. Okta is positioning itself as the independent identity backbone for both human and AI-driven ecosystems…
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Bespoke’s Morning Lineup – 5/30/25 – Farewell to May
See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week trial to Bespoke Premium. CLICK HERE to learn more and start your trial.
“If you don’t occasionally make a mistake, you’re not doing your job.” – Jim Sinegal
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
There wasn’t a lot of action going on in the markets this morning. That was up until just a few minutes ago when the President started “truthing” about China, and said “No more Mr. Nice Guy!” Futures on both the S&P 500 and Nasdaq quickly went from unchanged to down about 0.5%. European stocks were higher but have given up some of their gains, while Asian stocks fell on the on/off/now back on Trump tariffs. Like the equity market, treasuries are little changed. Crude oil is one of the bigger movers this morning with a gain of just over 1% while gold, the dollar, and crypto are all in the red.
It may be Friday, but there’s a busy batch of economic data on the calendar with Personal Income and Spending, PCE, Chicago PMI, and Michigan Sentiment.
One of the more high-profile earnings reports since yesterday’s close was Costco (COST), which reported better than expected EPS on inline sales and an 8% increase in comp sales. COST is trading marginally lower in response to the report, with the stock on pace to gap down about 0.5% at the open. What’s notable about this morning’s weakness is that it continues a trend that has been in place for the stock since the start of 2022. As shown in the table below, not including this morning, shares of COST have gapped down in reaction to 11 of its last 13 earnings reports. Another negative open today would make it 12 out of the last 14!
