Addressing Feedback on Our Live Thesis & Making EBAY Top Pick

We address the most frequent pushback to our recent Insight note which made EBAY our Top Pick on the argument that Live Commerce is driving EBAY's outsized GMV growth. We also discuss agentic's impact on Live Commerce and why we see EBAY as an underappreciated agentic winner. Trading cards are the largest category in Live Commerce, and we see clear evidence that Live is causing GMV growth for EBAY through circularity (~25% of Live buyers are primarily resellers) and halo uplift, while Live has catalyzed much of trading card growth. Whatnot's engagement (~95 min/DAU), purchase frequency (~28 transactions per month) and N3M retention (~73%) point to a durable shopping modality rather than a fad, and ~2/3 of recent trading card secondary market growth has been driven by volume rather than price. We think EBIT expectations have bottomed as eBay Live investment is already in the P&L and Depop marketing has moderated, and that Live's entertainment value limits agentic risk while EBAY is an u