Chris 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 Block specifically breaks the pattern. The cost-cutting narrative masks something deeper: they're not just trimming fat, they're restructuring the business model to *sustain* margin expansion through the next cycle. That's why Piper sees upside.

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