$MELI

continues to turn its scale, logistics, and data advantage into profit through its end to end e-commerce + fintech ecosystem built across Latin America’s three major markets (Brazil, Mexico, Argentina). In the short term, margin pressure (shipping subsidy adjustment in Brazil, aggressive price competition) and macro/FX volatility persist, but in the medium to long term, the growing share of its fintech mix (MercadoPago), the expansion option of ad revenues (>$1B), and its defensible moat in logistics support the thesis. Financially, it’s a bit expensive.

In fintech, NU is the clear leader in Brazil, but MercadoPago is #2 and the fastest growing. In Mexico and Argentina, MELI is ahead.

MELI is currently trading at a premium but is approaching a rational positioning.

Technically, MELI often corrects to the monthly EMA21 during rallies-that’s its style. For this reason, most retail get impatient and can’t hold