Pixels & Profits: The Gaming Stocks Are Gone. The Analysis Isn’t.
Pixels & Profits is now its own publication. What happened, and where to follow it — free.
Quick FYI — no framework today. Just something worth knowing about.
For the last three years, Pixels & Profits was the corner of GameMakers where Matthew Kanterman, Brian Peganoff, and I dissected public gaming companies.
Ubisoft’s collapse. AppLovin’s 82% margins. The EA–Saudi deal. Unity, Nvidia, Roblox, Embracer.
Then the beat disappeared underneath us.
Zynga, gone. EA, taken private. Ubisoft — we did a whole episode on that autopsy. One by one, the public gaming pure-plays left the market. What’s left is essentially one name: Take-Two.
I re-read some emails and DMs from a group of hard-core fans and decided that, rather than shut the series down, let’s give Pixels its own space.
Because what some of you actually valued wasn’t “gaming stocks.” It was the lens: bull and bear, unit economics, what the market is really pricing, and a mixture of perspectives from both investment professionals and operators (that’s me dawg!).
This kind of lens works on any big, contested company.
So Pixels & Profits is now its own publication, with a bigger remit: the business behind the biggest companies in tech and entertainment.
The first episode I quietly published about a week ago: SpaceX: The Biggest Call Option in History.
What you get if you follow:
The same valuation-first, bull/bear format — pointed at the biggest tech and frontier companies, not just gaming.
The full archive, already there: Ubisoft, AppLovin, the EA–Saudi deal, Unity, Nvidia, Roblox, and more.
Every episode on YouTube and Spotify, with the write-up on the site.
What changes here: nothing. GameMakers stays GameMakers — F2P craft, frameworks, and the AI-native studio work. The public-company analysis now has its own home.
One click: subscribe free at pixelsprofits.com.
If you’ve ever forwarded one of our public-company teardowns to a colleague, this is where to send them.
Why this, why now — a personal note.
I’ll be honest about the conviction underneath all of this. I’ve become convinced that the path to building real wealth is shifting under our feet. AI is rewriting which companies matter and how fast they compound. Macro turbulence is rewriting the old rules faster than most of us can track. And increasingly, the returns accrue to the people who understand the public markets — not the ones who sit them out.
Financial assets — stocks and bonds — now account for nearly 80% of gross wealth in the US. Wealth increasingly begets wealth; labor income doesn’t.
A generation ago it took ~20 years of saving from an average salary to climb from the bottom wealth quartile to the top. Today it takes closer to 40 — almost a working lifetime.
AI is accelerating all of it. The World Economic Forum estimates AI could displace 92 million jobs by 2030, even as the “AI trade” makes asset holders richer — the newest, most visible installment of the same ownership-over-effort shift.
I started Pixels & Profits partly to force my own education in public. I’d rather build that muscle out loud — with a smart, skeptical audience checking my work — than watch this new world reprice everything from the sidelines. Understanding the investment world used to feel optional. I don’t think it is anymore.
If you feel that same pull, come join us… Things are gonna get pretty lively over there!