Spider Eyes ResearchIndependent equity research on individual companies, published with the firm’s own position disclosed. Not investment advice. Spider Eyes Research is not authorised or regulated by the Financial Conduct Authority.https://spidereyes.co.uk/en-gbCarnival Corporation: the recovery is priced in, the re-rating isn'thttps://spidereyes.co.uk/insights/carnival-corporation-2026-08/https://spidereyes.co.uk/insights/carnival-corporation-2026-08/The recovery is priced in; the credit re-rating is not. Two of three agencies rate Carnival investment grade, yet it trades at half Royal Caribbean's multiple. — Spider Eyes Research and/or its principals hold a long position in Carnival Corporation Ltd. (CCL). Not investment advice.Wed, 19 Aug 2026 00:00:00 GMTInitiationNYSE: CCLFlutter Entertainment plc: a global compounder navigating a contained shifthttps://spidereyes.co.uk/insights/flutter-entertainment-2026-08/https://spidereyes.co.uk/insights/flutter-entertainment-2026-08/A still-dominant US sportsbook in a deliberate investment year, beside a larger, insulated International business earning three-quarters of group profit. — Spider Eyes Research and/or its principals hold a long position in Flutter Entertainment plc (FLUT). Not investment advice.Tue, 11 Aug 2026 00:00:00 GMTPosition ReviewNYSE: FLUTIntel Fab Watch, Issue 02: building and subtracting at the same timehttps://spidereyes.co.uk/insights/intel-fab-watch-2026-08/https://spidereyes.co.uk/insights/intel-fab-watch-2026-08/Intel committed to its next node without a customer, bought out its most productive fab and guided capex higher — while closing or cancelling three plants. — Spider Eyes Research and/or its principals hold a long position in Intel Corporation (INTC). Not investment advice.Sat, 08 Aug 2026 00:00:00 GMTIntel Fab Watch · Issue 02NASDAQ: INTCUber Technologies, Inc.: pricing 6% growth into a 20%+ compounderhttps://spidereyes.co.uk/insights/uber-technologies-2026-08/https://spidereyes.co.uk/insights/uber-technologies-2026-08/The market prices 6% perpetual cash flow growth for a business compounding bookings above 20%. Either something breaks it — or the shares are mispriced. — Spider Eyes Research and/or its principals hold a long position in Uber Technologies, Inc. (UBER). Not investment advice.Thu, 06 Aug 2026 00:00:00 GMTResearch NoteNYSE: UBERIntel Fab Watch, Issue 01: the baseline issuehttps://spidereyes.co.uk/insights/intel-fab-watch-2026-07/https://spidereyes.co.uk/insights/intel-fab-watch-2026-07/Manufacturing firsts are arriving on schedule while external foundry revenue stays at 1.3% of total — where the buildout stands as of mid-July 2026. — Spider Eyes Research and/or its principals hold a long position in Intel Corporation (INTC). Not investment advice.Fri, 17 Jul 2026 00:00:00 GMTIntel Fab Watch · Issue 01NASDAQ: INTCAdobe: results keep improving, the multiple keeps fallinghttps://spidereyes.co.uk/insights/adobe-2026-07/https://spidereyes.co.uk/insights/adobe-2026-07/Revenue grew 13% and AI-first ARR more than tripled, yet the shares trade at a five-year-low multiple, some 60% below their 2024 peak. — Spider Eyes Research and/or its principals hold a long position in Adobe Inc. (ADBE). Not investment advice.Wed, 08 Jul 2026 00:00:00 GMTInitiationNASDAQ: ADBEFlutter Entertainment plc: a sum-of-the-parts case for a contrarian longhttps://spidereyes.co.uk/insights/flutter-entertainment-2026-07/https://spidereyes.co.uk/insights/flutter-entertainment-2026-07/Valuing FanDuel against DraftKings and International against Entain implies about $137 a share against a $106 quote — if the margin squeeze is temporary. — Spider Eyes Research and/or its principals hold a long position in Flutter Entertainment plc (FLUT). Not investment advice.Sun, 05 Jul 2026 00:00:00 GMTResearch NoteNYSE: FLUT