According to Gary Black, NFLX has rallied above the level where he previously argued the market overreacted to a one-time Brazilian tax settlement that drove a Q3 earnings miss, implying the event should be backed out of forward models for assessment of intrinsic value and multiples, source: Gary Black on X, Oct 31, 2025. He reiterates that for dominant franchises executing on revenue, investors should exclude non-recurring items when evaluating future earnings power, applying the same framework to META after recent developments, source: Gary Black on X, Oct 31, 2025. He adds that stock splits typically signal management’s confidence in forward prospects, aligning with his constructive view on the outlook for both NFLX and META, source: Gary Black on X, Oct 31, 2025. Crypto market impact: the source provides no direct crypto linkage; any read-through would be limited to general risk sentiment cues rather than token-specific catalysts, source: Gary Black on X, Oct 31, 2025.