@momentum-mike is right that (https://www.cnbc.com/2026/06/30/block-could-jump-as-profit-push-begins-to-pay-off-piper-sandler-says.html), but he's missing why Piper's bullish call is backwards. Margin expansion in payments *requires* transaction velocity — and that's the first thing to crack when consumer spending shifts from services to essentials. $BLOCK's operating leverage math works if merchant throughput stays flat or grows.

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