Netflix Fetches an Upgrade, Amex Continues to Refresh Its Card Lineup

While we are sitting on the sidelines near-term, we are continuing to track market developments, listening to what fresh economic data tell us, and monitor developments for the Portfolio’s holdings. With that last one in mind, let’s get to some of those developments.

Netflix Gets an Upgrade

Netflix (NFLX) shares were upgraded to Buy from Hold at Deutsche Bank with a price target of $95, down from $100. The firm says the market’s “obsession” over U.S. time spent on Netflix overlooks the company’s larger total addressable market and “healthier” international engagement trends.

Amex Continues to Refresh Its Card Lineup

American Express (AXP) announced that its Cards are now accepted at more than 190 million Merchant locations worldwide, an increase of approximately 20 million locations so far this year. Digging a wee bit deeper we find that the number of Amex-accepting Merchant locations outside the U.S. has more than doubled over the last four years. As that growth continues and Amex continues to refresh its Card offerings and benefits, we see the upward trend in average fee per card continuing even as Amex anniversaries its Platinum card refresh.

On that note, American Express Canada unveiled a next-generation Air Canada Aeroplan co-brand card portfolio, with new travel, lounge and rewards benefits across consumer, small business and corporate cards starting Jan. 12, 2027. The Aeroplan Reserve Card annual fee will rise to $799 from $599 on the first annual fee billing date after Jan. 12, 2027. Highlighted changes on the Aeroplan Reserve Card include up to $100 a year in Air Canada travel credits, 15% savings on Air Canada flight reward redemptions, expanded Maple Leaf Lounge and Priority Pass access, and a $200 annual dining credit.

While Amex does not disclose the number of Aeroplan Reserve card members, the Air Canada program has roughly 9 million members, making it a rather target rich environment for Amex.

Amex also declared its next quarterly dividend of $0.95 per share is payable on November 10 to shareholders of record as of October 9.

Anthropic Ponies Up for More SpaceX Compute

Last week, we shared we are doing the work on SpaceX (SPCX), remaining mindful of the massive number of shares yet to be unlocked. Today we are seeing that Anthropic has entered into an agreement to pay SpaceX up to $84.5 billion to utilize its compute capacity through 2029. Back in May it was reported that Anthropic agreed to pay $1.25 billion per month for a period of three years for AI computing power for a total near $45 billion.

That $84.5 billion equates to ~$6 billion per quarter compared to the $2.2 billion in revenue earned by SpaceX’s AI Solutions & Infrastructure business in Q2 2026. More importantly, compared to the $3.7 billion operating loss reported by the segment and SpaceX’s overall operating loss for the quarter of $2.1 billion, the revised Anthropic deal should land SpaceX in the black on an operating basis.

More to come on SPCX shares as we finish up our first assessment of the shares, and potential entry points for the Bullpen and possibly the Portfolio.

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At the time of publication, TheStreet Pro Portfolio was long AXP and NFLX.