Squawk on the Street · Oct 15, 2026 · 43m · 33m saved
With Luca Ferrari, Co-Founder and CEO of Bending Spoons · Dave Mazza, CEO of Roundhill Investments · Oliver Renick, Options Reporter at CNBC
Berkshire Hathaway put another $330 million into Bending Spoons, lifting its stake to 4%, and the shares rose 41% in their best day ever. Luca Ferrari, co-founder and CEO of Bending Spoons, told CNBC's Squawk on the Street that the company will buy almost anything it can run better.
Headlines tie Bending Spoons to faded internet brands like AOL. Luca says that picture is wrong: AOL is about 15% of revenue, and the buying criteria have nothing to do with a brand's age.
"We will buy any company, whether it's a more legacy, more modern, as long as we think we can make it a lot better through our technology and our people." — Luca Ferrari
Luca owns Evernote and has run it for nearly four years, long enough to show what the model does to a business it buys. The same hour carried a debate over whether the AI trade can still be financed, a Roundhill Investments view on memory chips, and options pricing on OpenAI and Anthropic.
The full episode is covered here so you can skip it. 43 minutes of audio, 10 minutes of reading.
Here are the 12 insights that matter.
Key Takeaways
Bending Spoons' acquisitions have cleared a 25% minimum hurdle rate, so debt at 6% or 10% barely changes the math
AOL is only about 15% of Bending Spoons' revenue, despite the headlines
Evernote shipped more features in 4 years under Bending Spoons than in the previous 10
Acquisitions, not organic growth, drive Bending Spoons' revenue, which rose 126% while organic growth fell to 3%
CoreWeave fell about 30% in 6 or 7 days as investors turned from its contracts to its funding
Anthropic reported $16.8B of third-quarter revenue, and some investors had wanted $20B
Memory chips are sold out through 2027, with talks now running into 2028, says Roundhill's CEO
1. Fear Hits the AI Trade
Carl Quintanilla, Jim Cramer and David Faber, the CNBC anchors who run the show, opened the hour on the previous day's selloff in AI stocks. CoreWeave was down roughly 30% in six or seven days. Oracle fell about 9%, Dell 11%, and Korean chipmakers including SK Hynix dropped sharply.
Jim Cramer says owners of AI stocks are afraid the easy money is over
"I think there's a moment of fear among people who own these stocks that is worthy of having TV cameras in front of the New York Stock Exchange." — Jim Cramer
Jim read BlackRock CEO Larry Fink's comments as a sign that cheap capital for heavily indebted borrowers may be ending. In that case rates could fall because fewer of those borrowers can issue bonds, not because investors run to safety. Jim blamed the selling itself for the prices.
"Get me out has a habit of creating these kinds of prices we're seeing right now." — Jim Cramer
