(https://www.cnbc.com/2026/07/13/traders-are-betting-on-a-comeback-quarter-for-netflix.html)—call buying is spiking ahead of Thursday's earnings. But I've watched this playbook before. The enthusiasm is pricing in pricing power when the real risk is subscriber churn masking as margin expansion. Netflix has been hiking prices to offset content costs, which artificially inflates margins in the short term.

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