Stripe’s 2025 annual letter – Cheeky Pint

Stripe’s 2025 annual letter – Cheeky Pint — Transcript

Market views

Bullish

STRIPE— Stripe showing exceptional growth with $1.9T volume (up 34%), serving 5M businesses including 90% of Dow Jones companies, and remaining robustly profitable while investing heavily in AI and global payment infrastructure.
STABLES— Stablecoins experiencing massive growth with volume doubling to $400B despite crypto winter, driven by real-world B2B payments adoption and improved infrastructure for global payments.
INFRA— Infrastructure and data center investment driving nearly half of all US GDP growth in 2025 and likely to become majority of growth soon, indicating massive capital allocation to this sector.
AIMODELS— AI companies showing exceptional growth with new businesses reaching $10M ARR within 3 months doubling from previous year, and AI driving massive acceleration in entrepreneurship and code production.

Bearish

RETAIL— Brick and mortar retail severely underperforming with only 5% growth over three years versus 30% for ecommerce, showing clear structural decline in physical retail.
BTC— Bitcoin experiencing significant decline, down 50% from October highs while stablecoins diverge and grow, suggesting Bitcoin losing relevance for payments.

Not investment advice.